Forum Discussion

harper23's avatar
harper23
Trusted User
5 months ago

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 ...
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  • jenniek's avatar
    jenniek
    5 months ago

    Hi harper23 is this MYOB Business Payroll? Was your payment date 31st July? If so, then the new tax rates do apply for all payment dates from 31st July - regardless of weekend ending date. So it may have been correct.

harper23's avatar
harper23
Trusted User

Hi, yes payment date 31st July and I processed it with the new rates, I did consider changing the date to 30th as Brien did, but it is not a significant amount, only $20 per employee if it is wrong at end of year tax round up

Brien's avatar
Brien
Experienced User
5 months ago

Hi - I checked with my accountant - yes it is from 31 July but as our next pay week starts on the 31st technically the previous pay week (ending 30th) should be at the old rates. As you say, the difference is minimal but I would rather my staff get a tax refund at the end of the year rather than have to pay. Done now anyway! :)

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