MYOB is working with Inland Revenue to provide our customers a solution for payday filing (previously payday PAYE)
What is payday filing?
The NZ government have just passed a bill that will change the way PAYE is reported. The changes will mean employers are no longer required to file an Employer Monthly Schedule. Instead they would report information to the Inland Revenue on the day they pay staff.
Under the current timeframe employers will have until 1 April
2019 to adapt their processes to meet the new compliance
requirements. Software providers, like MYOB, will build the necessary
functionality in our software to enable the new reporting
Why are changes being made?
The aim is to reduce the compliance burden for businesses. The vision is for PAYE reporting to become part of the pay run process within payroll software, meaning the technology could automatically generate the report and file directly with Inland Revenue.
This will streamline the process by:
- Reducing the number of payroll processes (removing the Employer Monthly Schedule)
- Decreasing the number of deduction errors
- Lessening the chance of incurring fines for missing a file date
- Cutting the time you spend on payroll compliance
Obtaining PAYE information on a payday basis will enable Inland
Revenue to identify problems more quickly, such as when an employee is
using two M tax codes. This will improve the accuracy of deductions
and reduce the likelihood that employees will miss out on entitlements
or incur debt.
Get ready for payday filing!
No matter the product, MYOB has you covered for 1 April 2019 when Payday Filing becomes mandatory.
An early access program will soon be available. We’re working with IR to make sure your product is compliant with upcoming changes and will update you with progress.
No action required as your software automates your PAYE reporting and payments each payday. We’re working with IR to make sure your service is compliant with upcoming changes and will update you with progress.
An early access program will soon be available. We’re working with IR to make sure your service is compliant with upcoming changes and will update you with progress.