CHANGES TO PAYE FILING REQUIREMENTS AND YEAR END BOTH APPROACHING
Payday Filing Changes
From April 1st 2019 all employers will have to file their employment information every payday.
This employment information will need to be supplied for all employees within two working days of paying them and applies whether you pay employees weekly, fortnightly or fortnightly.
Payday filing means you’ll need to file more information, more often. Information includes:
ESCT (employer superannuation contribution tax) for each employee.
Pay period start and end dates.
Pay cycle, e.g. weekly, monthly, ad hoc.
Additional information about new and departing employees.
Additionally employers paying $50,000 or more per year in PAYE/ESCT (Employer Superannuation Contribution Tax) will need to payday file electronically.
Payment dates for PAYE and other deductions will remain the same.
This change is designed to give Inland Revenue more certainty about employees’ tax obligations and entitlements. If you file a return late you could be charged a $250 late filing penalty.
Payday filing will require for your payroll software to be upgraded. If your payroll software provider hasn’t been in contact, you will need to contact them for an update.
Don’t leave it until the last minute! If you require assistance, get in touch.
Year end 2019
For those with a March balance date, it’s time to start thinking about what is required to be done for the end of the financial year.
Reconcile Bank Accounts – you will need to make sure your bank accounts reconcile to the bank statement for each bank account as at 31 March 2019.
Accounts Receivable – Review your accounts receivable. If any accounts need to be written off, this must be done by the 31 March 2019.
Accounts Payable – Review all unpaid invoices dated 31 March 2019. Ensure all invoices dated 31 March 2019 and earlier are included in accounts payable.
Stock on Hand & Work in Progress - Complete a stock-take and record stock and/or WIP as at 31 March 2019. If your annual turnover does not exceed $1.3 million and the value of closing stock is reasonably estimated to be less than $10,000, you can use the value of opening stock as your closing stock value.
Asset List – This is the time to go through your asset list from the last year and advise us of any asset that has been sold, stolen, scrapped, destroyed or traded.
We will be forwarding our year end questionnaires to K3 Accounting clients shortly. Let us know if you would like to find out more.