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What do the Payday Filing proposals mean to you?
The Government has proposed changing when employers and payroll intermediaries file employer returns, i.e., employer monthly schedules. The proposal is to file your returns every payday instead of monthly. Payment due dates for PAYE and other deductions won’t change, that being the typical 20th of each month.
If the proposals become law, payday filing will be voluntary from April 2018 and required from April 2019. This will require electronic filing of schedules directly from your payroll systems. At present, the threshold for being required to file electronic schedules is $100,000. This will reduce to $50,000 going forward. It may be in your best interests to stay one step ahead of this change and start payday filing voluntarily.
If you require any assistance in acquiring a payroll system or require payroll support, contact the office and the experienced payroll team will see you right.
Accounting & Tax News