On 1 October 2010 personal income tax rates are changing.
Use this checklist to make sure you’re ready for the change:
- You use a payroll software package, and no longer rely on manual wagebooks or excel spreadsheets for payroll processing
- Your payroll software has been updated with the new PAYE rates. Click here to view the new PAYE rates
- Your payroll staff knows what to do
- You have a plan to let your employees know how the PAYE, superannuation and fringe benefit tax changes will affect their net pay after 1 October. Use this Calculator to help your employees find out how October 1 tax changes will affect them
- You make KiwiSaver or other superannuation contributions for employees and have viewed the new ESCT rates on Inland Revenue’s website (employer superannuation contribution tax rates are also changing on 1 October)
- You provide fringe benefits and have viewed the new FBT rates on Inland Revenue’s website (fringe benefit tax rates are also changing from 1 October)
Filing your PAYE Return:
When calculating PAYE you’ll need to apply the new rates from the first pay period that ends on, or after, 1 October 2010.
Sound complicated?
Get help - click here to enquire about Smart payroll & PAYE return services.
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