NZ payroll tax updates too early
Hi seems the NZ tax changes happening from 31st July are already loaded onto payroll. I am doing pays today ending 30th July and the tax rates have changed. We cannot pay the new rates yet. How do I ...
Forum Discussion
Our payrun is the same period as you - just noticed the same thing! I have decided to discard the payrun and start all over again stating the pay date is 30 July - otherwise all the employees will be overpaid & potentially have tax to pay at the end of the financial year... Somehow I knew there would be some sort of muck-up with MYOB payroll - NOT GOOD!
I'm not sure it's a muck-up, but maybe i'm wrong.
IRD website states "...people will see the extra pay in their payslips from 31 July." - your employees won't.
https://www.ird.govt.nz/pages/campaigns/personal-income-tax-threshold-changes
Which PAYE tax tables
Use the PAYE tax tables that apply on the day the PAYE income payment is made to your employees.
PAYE tables to use according to pay
Pay period ends | Employees paid on | PAYE tables to use |
31 July 2024 | 30 July 2024 | 1 April 2024 to 31 July 2024 |
31 July 2024 | 31 July 2024 | 31 July 2024 onwards |
1 August 2024 | 1 August 2024 | 31 July 2024 onwards |
EDIT: I tired posting this info yesterday, but MYOB capped my allowable number of posts on this thread??
