No need to be concerned about payday filing
February 18, 2019
The countdown to payday filing is on and Wellington payroll software provider FlexiTime wants employers to know that they don’t need to be concerned about the change.
From 1 April 2019, all New Zealand employers are required to file their PAYE information with Inland Revenue every payday, as opposed to once a month.
“Payday filing helps business owners and employees ensure their tax obligations are up-to-date and accurate,” says FlexiTime CEO Robert Owen.
“But more importantly,” says Owen, “when implemented properly, payday filing will actually make your payroll process easier. If you’re using the right payroll software, tax filing becomes part of your usual payroll process rather than an extra monthly step.”
“On the face of it, payday filing sounds like more work for employers, as some will need to file PAYE information four or five times a month, instead of once.
“However, FlexiTime has worked closely with Inland Revenue to develop a zero touch filing process for our clients. When our customers complete a pay run, the details are automatically sent from our software to IRD”, says Owen.
FlexiTime has been helping thousands of companies comply with the new requirements since it became the first software provider to launch payday filing in April 2018.
Robert Watt, owner-operator of three The Source Bulk Foods stores in Auckland, was one of the first employers in the country to switch to payday filing in April 2018. “FlexiTime made it very easy to get started. Once I got set up, it was just like I was doing a normal pay run” he says.
“With payday filing, I don’t have to spend any time on tax compliance. It saves me a lot of time and effort and that’s good for business.”
“With just over a month until all employers need to be payday filing compliant, it should be a priority for business owners to get organised now,” according to Owen.
“But there’s no need to be concerned about the change. With the right systems in place payday filing will make your tax compliance easier than ever.”