what does it mean for your business? :: Hayes Knight
Payday filing is a change to the current practice of filing your Employer schedule (IR348) each month. Instead, employment income information will be filed electronically with Inland Revenue each payday.
While payday filing has been voluntary since April 2018, it is mandatory for all employers from 1 April 2019.
Employers with annual PAYE amounts of less than $50,000 can however continue to submit manual returns within a certain timeframe of payday, which will typically be at an earlier date than previously required.
To ensure your business will be ready for these changes, you should:
- Start reviewing your current PAYE reporting processes and considering how these need to change
- Consider how you will implement electronic filing (eg whether to transition to using an online payroll provider or use myIR)
- Contact your payroll software provider to make sure that the software used will be updated in time
- Consider whether you wish to become an early adopter of payday filing
More information about payday filing is available here.
If you would like to discuss your transition to payday filing, please contact your Hayes Knight advisor.