23 January 2019
Payday filing becomes compulsory from 1st April this year. Now’s the time to work out how you’re going to integrate it into your payroll processes and how to save time on your tax obligations.
Payday filing means you need to:
- File employment information every payday instead of a monthly Employer schedule (IR348).
- Provide Inland Revenue with new and departing employees’ address information, as well as their date of birth – if they have provided it to you.
- File electronically (from payday compatible software or through myIR) if your annual PAYE/ESCT is $50,000 or more.
The due date for payment of the tax deductions remains unchanged at the 20th of the month (or 5th and 20th of the month for twice-monthly filers).
How do I payday file?
There are three ways to file electronically – direct from payroll software, file upload from myIR or onscreen via myIR.
How do I shift over to payday filing?
- Review your payroll processes and plan and schedule when to shift.
- Ask your software provider when they’ll have payday filing compatible software (Xero and MYOB Essentials already are).
- If you’re using myIR to file, let the IRD know you’re switching to payday filing in myIR.
If you need help to understand how payday filing will impact your business, then please contact us and we'll talk you through it. If it is too complex or time consuming for you, then we can file your employment information with Inland Revenue every payday for you, ask us about how that can happen.