Changes are afoot regarding Payday Filing. Effective 01 April 2019, Payday filing will be compulsory.
Here are the key points that you need to know:
- Payday filing is available now on a voluntary basis. It is mandatory for all paydays from 1st April 2019.
- Address details for new employees and their date of birth will be required.
- If your PAYE/ESCT (employer superannuation contribution tax) is $50,000 or more a year, you'll have to file electronically through payroll software or myIR from 1 April 2019. (If it's less, you can payday file on paper if you choose, but only from 1 April 2019.)
- The changes relate to how often you provide employment information - PAYE payment dates and methods of payment remain the same.
- You’ll no longer file an IR348 once you begin payday filing. You'll begin payday filing from the beginning of the month, because your final IR348 must cover a full month. Until you begin payday filing, continue to file your IR348 as usual.
- You'll need to continue filing an Employer deduction form (IR345) until 1st April 2019. Due dates for the IR345 and payment haven't changed.
In the meantime:
- Talk to your payroll staff/provider or accountant about payday filing so you are ready for the changes.
- Check that your payroll software is or will be compliant.
For more information visit www.ird.govt.nz/payday
If you have any queries, please give us a call on 06 878 5454, or email email@example.com.