Are you ready for Payday Filing?
On 1 April 2019, the IRD will require all employers to file payroll information within 2 working days of each payday, or within 10 working days if filing returns in paper form.
What are the key changes?
When the changes come into effect there will be four options for filing:
- Direct from software, i.e. one click electronic filing.
- File upload through the business section of myIR under payroll returns
- Onscreen in myIR through the business section of myIR under payroll returns
- Paper filing, but only if your PAYE/ESCT is less than $50,000 per annum
Most payroll providers are looking to automate the process, although not all will have one click electronic filing on 1st April 2019, instead you will follow a link to the IRD website from within the package to upload your pay details.
There will also be a transitional period as the IRD turns on the new services. On 11th March the old IR-file system through the IRD website will be disabled and you will need to file March returns through the new “Payroll” tab in the “Business” section of the IRD website. Then from April 1st all payroll filing will need to be completed electronically within 2 days of each payday or 10 days for paper filers beneath the threshold mentioned above.
If you are unsure how this affects you or need advice on how to proceed come 1st April, please check with us or your payroll provider first.