How will these payday filing requirements affect you?
The extent to which the payday filing changes affect your company will depend on whether or not your company uses payroll software that files returns automatically. If you do not currently use payroll software, assess if payroll software is a good and timely investment for your business.
Datacom files all Smartly returns with IRD and will continue to do so. This will occur on a real-time payday basis instead of once a month. Chat to someone from our team if you’d like to discuss anything about your current subscription.
Do you need payroll software to be compliant with payday reporting requirements?
Payroll software is not necessary to be compliant with payday reporting changes. The new process can be actioned with or without software. Employers should be aware of how the changes can affect their company, regardless of if you use payroll software or not. But, bear in mind that software that files return automatically will take care of the majority of the changes for you, making the transition a lot easier.
Changes for companies using Smartly
As mentioned above, if you are using Smartly we will take care of payday reporting / filing for you – you don’t need to do anything to be compliant.
If you are not with Smartly, check your payroll software is compliant, as non-compliant software could put your company at risk.
Changes for companies without payroll software
In order for organisations to remain compliant and retain efficiencies in business operations, investment in a payroll system could be a crucial business tool. The legislation changes have created more admin and online paperwork for organisations that don’t use payroll software. Employers are currently required to submit their payroll information to Inland Revenue with their employee pay cycle. This results in more time required of the person who processes payroll at your company. If your company is in this position, we recommend reviewing how these requirements are impacting your current payroll processes. Assess where you can make your current payroll infrastructure more efficient.