On the 17th of April 2018, Inland Revenue made some big changes to the myIR portals. These changes were implemented to make filing your tax simpler.
The most noticeable change would have to be the renaming of the ‘My GST’ section to ‘My Business’. In this section you will be able to:
IR have also introduced a new PAYE filing system called “Payday Reporting”. Payday Reporting means that all businesses will need to start filing their payroll summary every payday, rather than once a month as per the old EMS (employer monthly schedule) system. The idea behind this is to make filing your return, a standard step in your payroll process.
Payroll Reporting will be voluntary from 1 April 2018, but made compulsory from 1 April 2019. And as of today, Xero have not made any official statement regarding Payroll Reporting, but MYOB have publish the following update on their website:
So, for now if you are running a manual payroll system, or not using the IR’s electronic system you can go ahead and start making the changes. But, for those using Xero or MYOB may need to hang tight for a bit and wait for their technology to make the changes necessary to interface with IR’s updates.
It is also worth noting that your payment dates for PAYE and other payroll deductions will still be the 20th of the following month.