The roll-out of Payday Filing has begun
Payday Filing is now live for all our small business products. And don't worry, our bigger business products will be updated soon.
What is payday filing?
Payday filing is a simpler way to report your payroll information directly from your payroll software.
All employers will be required to report to the IR on the day they pay staff. Businesses who make over $50,000 PAYE/ESCT deductions a year, will be required to file electronically and those that pay less than this can choose to file electronically or on paper. Payday filing is currently voluntary and becomes mandatory from 1 April 2019.
Employers will no longer be required to file an Employer Monthly Schedule on the 20th of the month.
Why are changes being made?
he 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 time spent 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.
The way you report PAYE information is changing
From 1 April 2019, all employers are required to report payday information to the Inland Revenue on the day you pay staff.
Get ready for payday filing!
No matter the product, MYOB has you covered for 1 April 2019 when Payday Filing becomes mandatory.
We're pleased to let you know that payday filing is now available in MYOB Payroll, MYOB Ace Payroll and MYOB IMS Payroll. To access the feature from your software, follow the instructions below:
- MYOB Ace Payroll: Upgrade in product.
- MYOB Payroll: Click here to upgrade to 2018.3.
- MYOB IMS Payroll: Unlock the payday filing feature in version 6.32.
- MYOB Essentials: Feature is now avaliable in product.
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.
Exo Payroll 2019.01 is being finalised and will be released around 17th – 20th March. Keep an eye on your inbox for our notification that this upgrade is available for download.
MYOB Greentree users will have access to Payday Filing from January 2019. Contact your Business Partner for more information.