PAYE

Administering your payroll can be time-consuming and divert you from the core activities of your business. Payroll & employment legislation is growing increasingly complex.

We can relieve you of this burden by providing a comprehensive and confidential payroll service, including:

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

Even if you have only a few employees, you will make savings by engaging us to administer your payroll.

Your staff is one of the most important assets, we can help you get the best out of your team.

Tax codes

ML and ML SL are obsolete from 1 April 2013. employers should replace these with M or M SL, unless the employee has gien you a new tax code declaration (IR330).

Minimum Wage

For employees 16 years and over, $14.25 per hour (was $13.75 per hour until 1/4/14)

For new entrants and employees on the training minimum wage, increase to $11.00 per hour (was $10.80 per hour)

Children Working 1st April 2013

If you employ school children, you must deduct PAYE from their wages

As a child working you must complete a tax code declaration (IR330)

Student Loans Changes

From 1st April 2013 the repayment rate for student loan deductions increased. In every dollar earned over the repayment thereshold of $367 per week or $19,084 annually.

All Student Loan borrowers are required to have a student loan (SL repayment code).

There is a new IR330 Tax Code Declaration form which will need to be completed.

For exemptions and Student Loan Codes click here

KiwiSaver Tax Changes

The minimum contribution rate for employers and employees  increased from 2% to 3% of gross salary or wages from the first pay period commencing on or after 1 April 2013

Government contribution is 50c for every $1 contributed by individual, to a maximum of $521.43 per year

Employers contribution to be taxed at a rate equal to the individuals marginal tax rate.

This will not cost the employer any more. The tax amount will be deducted from their Kiwisaver contribution.

Calculation Example

Useful Links

https://interact1.ird.govt.nz/forms/payecalculator/ PAYE/Kiwisaver calculator (make sure you select the correct income tax year)

2013 Weekly and Fortnightly PAYE deduction tables

2013 Four-weekly and Monthly deduction tables

 

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