Yesterday I went to a presentation by MYOB, hosted at the BNZ offices in Wellington all about PayDay filing. A number of other finance professionals and business advisors were in attendance. The presentation covered the legislation, but the more interesting information was around the practical ways to cope with the new rules.
The first thing to note is that online processing is going to be the easiest. If your payroll deductions bill (including PAYE, ESCT, WHT etc) are under $50,000 pa, you can still file on paper but you must ensure that it reaches the IRD within 10 days of the relevant payday. If you miss your filing deadlines three times in a row, you will draw the attention of the IRD.
Of MYOB's suite of payroll products, only one provides an end-to-end process - i.e. where a link direct to the IRD is created and submission of forms is automated. The others will create the file and then the user is required to upload it to the IRD website (much like currently).
Software suppliers or payroll bureaus who have end-to-end processes will make payday filing a simple process. If you have software or processes that require manual upload of information to the IRD, then being organised is key.
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