Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ businesses advised to prepare now for new requirements

NZ businesses advised to prepare now for new PAYE requirements


31 August 2018
New Zealand businesses are being advised to start preparing now for new requirements detailed by IRD yesterday.

From April next year, businesses will be required to file PAYE returns with Inland Revenue every payday, as opposed to once a month.

Currently, Inland Revenue says around 400 businesses are already payday filing, but thousands more will need to join them in the next seven months.

Wellington payroll software provider FlexiTime has been working closely with IRD to pilot payday filing as the department implements changes to its systems, and believes nearly all 400 businesses which have already started payday filing are FlexiTime customers.

“The new approach is a positive change for businesses who want to save time and money, but our message to businesses is, ‘don’t leave making the switch to the last minute’,” FlexiTime Chief Marketing Officer, Jake Harvey, says.

“Based on our experience to date, it will take each payroll software provider some time to get payday filing up and running smoothly.

“Be sure to check your provider will be offering payday filing and get clarity as to when that will be. Many older or desktop-based systems won’t be compatible.

“We’re excited to already be up and running with our zero-touch, fully-automated payday filing solution that eliminates what was previously a manual monthly task for businesses.”

Inland Revenue has made it clear that the easiest way for businesses to comply with the new requirements is to use payroll software so Harvey advises those not using any to reconsider their processes.

“PAYE compliance can be a time-consuming burden on small businesses. But that burden is unnecessary if you let people like us do the heavy lifting for you.”

FlexiTime has been working with Inland Revenue over many months as the department upgrades its legacy systems so it can accommodate the PAYE filing changes.

“This is a great example of IRD working closely with the business sector to implement mutually-beneficial changes. It’s a really positive development,” Harvey says.

The outcome is a system which will be a vast improvement on how businesses interact with government — making it easier than ever to file payroll paperwork.

As a result, FlexiTime says it agrees with the government’s decision to remove the payroll subsidy paid to intermediaries to help small businesses cover the cost of outsourcing payroll compliance.

“With the new automated processes, we believe this subsidy is no longer needed and that’s a win for all taxpayers,” Harvey says.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds

The Monetary Policy Committee (MPC) has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds. The negative economic implications of the coronavirus outbreak have continued to intensify. The Committee ... More>>

ALSO:

Elevate NZ: Venture Fund To Lift Productivity

The Government’s new $300 million venture capital fund - announced in last year’s Budget – is now open for business as the Elevate NZ Venture Fund. Finance Minister Grant Robertson says lifting New Zealand's productivity requires well-functioning ... More>>

ALSO:


COVID-19: Case Confirmed In NZ – Expert Reaction

After spreading across the globe for months, the first case of COVID-19 has been reported in New Zealand. The Ministry of Health says the risk of a community outbreak is low, due to their preparedness and the high awareness of the disease. The Science ... More>>

ALSO:

Agriculture: New Legislation To Boost Organics

New organics legislation will boost consumer confidence and help grow an innovative sector, says Food Safety Minister Damien O’Connor. “The Organics Product Bill, introduced to Parliament this week, aims to increase consumer confidence when purchasing ... More>>

ALSO:

Biodiversity Policy: Misinformation Circulating

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>

ALSO: