There are changes on the PAYE horizon for bigger businesses. Here’s what you need to know.
From April 2019, filing of Employment Information (the equivalent to the employer monthly schedule) will need to be made on a payday basis – rather than a monthly basis.
This change affects businesses employing more than six employees, and those that manage their payroll via an ERP system need to make sure their software solution is ready to accommodate them.
ERP software providers will be able to offer their clients the option of sending employment information directly to Inland Revenue (IRD) via their accounting software, without having to log into their MyIR account.
This streamlining is designed to reduce the number of payroll processes, decrease the number of deduction errors, lessen the chance of incurring fines for missing a file date and, perhaps most importantly, cut the time businesses spend on payroll compliance.
MYOB is working closely with the IRD to make sure its clients will have confidence in their software and payday procedures.
We’re still addressing the specific details, but we’re working hard to make sure there’s a payday filing solution available ahead of the April 2019 deadline.