MYOB will be payday filing ready
We're building payday filing functionality into all MYOB payroll products to ensure you stay compliant. We'll notify you soon to opt-in for early release!
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?
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 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.
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.