How do you ensure your PAYE is paid on time?

Read how iPayroll helps employers and business owners stay compliant with their PAYE payment and filing obligations.

It has always been important for businesses to manage their incoming and outgoing payments on time. The task of regularly checking bank statements can be tedious, but for some businesses is a necessary task to ensure sufficient funds are available to comply with their many financial obligations, not the least of which is their PAYE payment obligations to Inland Revenue (IR).

PAYE, KiwiSaver deductions and contributions, student loans and child support are essential deductions from employees’ wages each and every payday. These employee deductions are held in the business’s bank accounts, to be transferred to the Inland Revenue (IR) in time to meet the 20th of the following month deadline (or 5th and 20th in case of large employers). Payday filing requirements mean the PAYE reports must be filed with IR within two days of the payday.

It is the responsibility of an employer to meet the payment and filing deadlines of the IR. Failure to pay the full amount by the due date is an offence usually attracting financial penalties automatically levied by IR, although there may be some leniency with penalties for the first breach.

iPayroll is a proven cloud-based payroll solution developed in New Zealand in 2001 and is the leading online PAYE Intermediary (PI) with IR, processing gross payrolls of over $4.5 billion per year. Under New Zealand legislation a PI acts on behalf of an employer to fulfil the employer’s PAYE obligations relating to the filing and payment of tax to IR by the relevant due dates. An added benefit is that a PI can also deal directly with IR on behalf of an employer to resolve any issues which may arise.

iPayroll ensures employers stay compliant with their PAYE payment and filing obligations, assists in minimising potential cashflow issues and ensures PAYE is paid on time. Once a payroll is processed in iPayroll, the gross amount of payroll can be released each payday, your employees are paid, payday filing is sent to IR and, importantly, PAYE payments are paid on time.

https://www.ipayroll.co.nz/