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PAYE

small business employee in WaikatoOur team fully understand just how time-consuming administering a payroll is. We are also aware of how complex payroll and employment legislation are becoming. It comes as no surprise, then, that managing payroll can often diverts your attention from the core undertakings of your business as well as important day to day operations.

When you work with CooperAitken Accountants, you can be sure of quality accounting services. Our Morrinsville, Matamata and Thames-based company can relieve you of the burden of payroll administration and employment legislation through our comprehensive and confidential payroll services available in Coromandel and across Waikato.

These services include the following:

  • Customised payslips;
  • Administration of PAYE, statutory sick pay and annual leave;
  • IR-Filing to the IRD;
  • Summaries and analyses of staff costs; and
  • Administration of incentive schemes, bonuses and termination payments.

In any business, the staff is always among the most important assets, and we can help you get the best out of them—no matter how few or how many employees you have.

In order to correctly assess payments and tax requirements for your employees. It is important to understand a few key factors. These factors that are crucial in payroll administration and employment legislation if you wish to understand and manage payroll correctly.

Minimum Wage

Employees who are 16 years old and older should have a minimum wage rate of $15.75 per hour. On the other hand, new entrants and employees on the training minimum wage must receive a rate of $12.60 per hour.

Employer Responsibilities

Employees need to complete a Tax Code Dedication Form (IR330) once they start working for you, so that you can determine the PAYE or tax rate to deduct from their salary. As an employer, you have the legal requirement to use a 46.45% no-notification rate when an employee fails to complete the IR330.

Tax Obligation for Children

On the occasion that you employ schoolchildren, you need to complete the IR330 and deduct PAYE from their wages.

The Inland Revenue Department defines children as those who: are 14 or under, is between the ages 15 to 17 and still attending school, or turned 18 on or after January 1 in the previous tax year and continued to attend school. Students of tertiary institutions are exempt.

Lump Sum Payments

The following are what classify as lump sum payments or extra pays from primary employment:

  • Annual bonuses;
  • Annual leave cash-up;
  • Retiring or redundancy payments;
  • Back-pay;
  • Payments for restrictive covenants or exit inducements; and
  • Gratuities.

Please contact our wages team with any queries you may have on 07 889 7153. They are always more than happy to help with whatever you need.
 

Changes to MyIR


IRD have recently changed their MyIR filing system.
For instructions on to file your GST on their new system, please read here.
For instructions on how to make a direct debit payment, please read here.
 

 



 

 

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