As a business owner who employs staff and/or if you pay yourself a wage, you have to make pay as you earn (PAYE) deductions to Inland Revenue. Your individual employees may have different tax codes and rates depending on their personal circumstances. You may also need to make deductions for child support, Kiwisaver or student loans. The PAYE deduction does include ACC Earner’s levy though.
Your PAYE deductions are due on the 20th of each month if you are a small employer with gross annual PAYE deductions of less than $500,000 (including Employers contribution tax (ESCT)). For larger employers with gross annual PAYE deductions of $500,000 (including ESCT) or more, you will need to make two deductions per month, the 20th and the 5th of the following month…
… Sound confusing?
Using WE Accounting & Business Services for payroll services is a great way to ensure accuracy, safeguard confidentiality of wage information and ensure Employment Law is being adhered to with regard to leave entitlements & Kiwisaver. For more information on how WE can help you, contact WE.
PLEASE NOTE: The information contained in this document is for information purposes only and should not be relied upon as a substitute for professional advice. For further information and advice please contact WE Accounting & Business Services Ltd Chartered Accountants.
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