Payday Filing – Have you heard about it?? If you are an employer you should have, and be well informed by now 😊
Do you employ staff and this is news to you, you need to read on ……
- 1st April 2019 it is compulsory.
- If you pay more than $50,000 PAYE and ESCT per year, you will need to file electronically through payroll software or my.IR from 1 April 2019.
- If your total PAYE/ESCT is less than $50,000 for the year ended 31 March 2018 you can either file online or by paper returns.
Payday filing is so much simpler using payroll software and from 1 April 2019 most payroll software providers will have this automatic function enabled (some already do) – sweet … less stress and more automation within your business. You will still need to file your IR345 and set up your payment for the 20th of the month, however, in most circumstances.
To prepare for this, if you haven’t already, you will need to check with your payroll software provider about how you set up your payroll data file so it is all good to go.
If this seems very daunting and you use a manual system, this maybe the time you find someone who is a professional with payroll software to get your business set up to save time, stress and have all your info at the touch of a button.
The key to this is, prepare now and avoid panic, stress and overthinking.