• Grace Team Accounting

The December round up



Get ready for payday filing - it’s compulsory from April 2019

From 1 April 2019, employers will be required to file payroll information every payday.

If you’re a New Zealand employer paying more than $50,000 PAYE and Employer

Superannuation Contribution Tax (ESCT) per year, you have to file electronically through payroll software or myIR from 1 April 2019.

If your total PAYE/ESCT is less than $50,000 for the previous year ended 31 March 2018, you can either: file online, or file on paper (but only from April 2019)

PAYE payment dates and methods of payment remain the same – all that is changing is how often you provide your employment information.When you begin payday filing, you will no longer file an IR348 (the employee schedule). You’ll begin payday filing from the

beginning of the month, because your final IR348 must cover a full month. Until you begin payday filing, continue to file your IR348 as usual. For the time being you’ll need to continue filing an IR345 (Employer deduction form). The due dates for the IR345 and payment haven’t changed. Have any further questions about this - talk to one of our team on 07 578 5416

Provisional tax due 15 January 2019!

With the rush of Christmas and the holiday season it’s timely to remind you that Provisional tax is due for payment on the 15th January. If you are concerned about the amount of your payment (especially if your profit is down on last year), or have any issues in regard to meeting this payment date, please let us know so we can help you out! Ring either Brigette or your Client Manager and we will help to get you sorted.


Holiday Pay calculations

When there’s a public holiday on a day your employee usually works, they’re entitled to a paid day off — no matter how long they’ve worked for you. You can only require employees to work a public holiday if it’s written in their employment agreements. Also, if they agree to work, you must:

* Pay them at least time and a half

* Give them another paid day off later.

If you need any assistance calculating annual leave, statutory holidays and taxes on holiday pay lump sums please phone Sue or Kristen.

If you haven’t already, it could be time to take your accounting system online

Better understand your finances.

Getting a clearer financial picture is essential to maximising your profits. Many online accounting software packages have a dashboard as the opening screen, which summarises the most important information in a single page so you can easily see things like your account balances and the status of invoices, overdue debtors and outstanding creditors.

Save you time.

Many packages offer a direct connection between your bank and your accounting software. This eliminates the need for manual data entry and bank account reconciliation, saving you time. In some packages, you can set up automatic coding of payment, eg so payments to stationery suppliers are automatically coded as office expenses.

Better manage your cash flow.

One of the biggest cash flow problems facing small businesses is late payment of invoices. Many accounting software packages offer automated invoice reminders. Online accounting software can be reconciled daily, which makes month end easier. Allow access to multiple users at the same time.

With many cloud-based accounting packages, you can grant access to your accountant or employees if you choose.

Increased data security.

Because the data is not stored only on your computer, it’s also in the cloud. More reliable than desktop software. If your computer crashes, the accounting data file isn’t affected. Backups,

upgrades and bug fixes are handled automatically by the software company.

Different businesses suit different types of online accounting systems and we can help guide you to what will best suit your business operation. We can also assist with implementation across your business so chat with us today and get online!

Call Shelley on 07 578 5416 to make a start for 2019.


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GRACE TEAM ACCOUNTING
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VISIT US: 55 Eighth Avenue, Tauranga 3110
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