…information. The IRD have informed us that many employers are failing to correctly file and pay their ESCT deductions. This puts employers at risk of action from the IRD. A source of confusion is that ESCT deductions are not reported on the Employer Monthly Schedule (IR348), but is instead reported on the IRD…
…$15.46 (1%). The employee’s ESCT threshold tax rate of 17.5% ESCT will be calculated as follows: KiwiSaver Employer Contributions (2%) $30.92 (using last dollar to $30.00 for ESCT purposes) $30.00 x .175 = $5.25. Therefore in this case, 17.5% of $15 = $2.63, deducted off $15.60 leaves $12.97.
…Employer Deductions Remittance Advice (EDF/IR345) are produced ready to file to the IRD. Reminder to file the Employer Deductions (IR 345) form with the IRD To report the ESCT to the IRD, you need to file the IR 345 Employer Deductions form either manually or electronically via EDF (Electronic Deduction File…
…Answers others found helpful * Payroll 2013 - new compliance changes for 2013/2014 * Adjusting KiwiSaver deduction rates in Payroll * Adding a permanent employee into the KiwiSaver Scheme in Payroll * ESCT calculating on KiwiSaver Employer contributions for employee's under 18 or over 65 * Continuing to make…
The PAYE tax is actually made up of two components - the main being tax, the other being a portion of the ACC Earner Levy that funds the ACC scheme. After increasing steadily for a few years, the Earner Levy is dropping for 2012/13 from 2.04% to 1.7%. While not a massive decrease, it does mean lower PAYE overall for your employees, which will be appreciated.
1st April might be a day for some people to pull pranks, but in the world of payroll, it's often a serious and fraught day. This year is no exception, with an increase in the minimum wage and new tax changes for payroll staff to incorporate in their employer monthly schedule (EMS), as well as year-end reconciliations.
If you are using exo payroll, print the Superannuation report, and group it by deduction code, under Reports, Financial. This will show all the gross, ESCT and net figures, which should help you to reconcile your other reports. In MYOB Payroll go to Reports, Period reports, employer superannuation.
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…shows on the compulsary deductions tab for each employee. The ESCT is calculated automatically based on the earnings by you as the employer only. You can change this if your employee advises you that it should be higher eg; they have earnings from somewhere else as well. The ESCT does not show on the IRD…
…download the Adobe PDF reader for free from the Adobe website. KiwiSaver changes On 1 April 2013 the base rate of employer and employee deductions changes. The base deduction rate for both employees and employers increases to 3%. Previously this was at 2% for both employees and employers. Note that if your…
It is important that business owners ensure the payroll function they rely on is up-to-date with current employment legislation, and is also calculating those functions correctly. Noncompliance can result in fines of up to $10,000 for the individual and up to $20,000 for the company. However, it is easy to avoid such outcomes by selecting a payroll management programme from a trusted source.
…module will cover all areas of setting up and processing both KiwiSaver and other Superannuation Deductions in EXO Payroll. We’ll look at setting up groups and deductions, the rules around Super, paying ESCT & what reports you can & should be using. Delivery: Duration: Cost: Webinar 1 hour $95 + GST Who…
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