What you need to know...
Inland Revenue is making some changes to the way that businesses report on employee payments. Here’s the key info...
What is payday filing?
Payday filing (sometimes referred to as payday reporting) is a NZ government initiative that changes the way businesses report on employee payments such as salary or wages, PAYE and other deductions. With payday filing, payroll information will be sent electronically, directly to Inland Revenue every payday rather than monthly as is currently the case.
Check out the Inland Revenue website for more info.
When will payday filing start?
It’s currently optional, but will be mandatory from 1 April 2019.
Why was it introduced?
The aim of payday filing is to streamline reporting by adding Inland Revenue's information requirements into the standard payroll process, rather than being a separate step in the process.
What has Fusion5 done to prepare?
We’ve successfully adapted our payroll solutions to meet the new reporting requirements. Jade Star uses the file upload method via myIR Secure Online Services.
Australian businesses recently undertook a similar initiative to transition to Single Touch Payroll (STP). We’ve successfully implemented this new functionality for our Australian payroll clients.
What can I do to prepare?
As our Jade Star customers have no issues uploading files such as the IR348, IR345, KS1 and KED, we expect your payroll data is already clean and valid. However, as a bare minimum, please check the following:
All employees have either a personal email address, mobile phone, landline phone or full usual residence or personal postal address.
Company IRD details have been moved to a separate tab (IRD). The details should pre-populate (but please check).
Check the Use Pay Day Filing option when ready to start. This will auto select on completion of March 2019 pay.
Will training be provided?
In March we ran an Insight session to run you through the new functionality. Please let us know if you would like to hear a recording of the session.