Ensure compliance with the IRD by preparing ahead of time for the end of the tax year
Tax year end and the impending 2022/2023 financial year can seem daunting. Although the introduction of payday filing in New Zealand has streamlined the end of tax year process, there are still numerous tasks and reviews that need to take place in order to ensure that your business or clients are ready to finalise your reporting to the IRD.
We’ve put together a simple checklist of tasks to cover off before and after you’ve finalised your tax year end processes - to make life that little bit easier for you and your teams. Don’t wait until the week of 31 March 2022; prepare ahead of time to make your end of tax year reporting a breeze.
What’s included in the checklist
Key dates to note
Understand the upcoming dates and deadlines ahead of tax year end processing
Tasks to complete prior to the tax year end
Ensure you’ve reviewed all data and run any necessary reports before you submit payday filing to the IRD
Tasks to complete after the tax year end process is finalised
Evaluate ESCT rates and other employee entitlements prior to 1 April 2022, and be prepared to make any updates within your software or system as required
Upcoming changes in NZ
Learn about important changes that are being implemented on 1 April 2022 regarding pay rates, student loan thresholds and ACC updates
The importance of compliant software to streamline tax processing
Explore the benefits of a cloud payroll and workforce management software solution in relation to time-savings, automated IRD reporting, streamlined efficiencies as well as centralised expense claiming and storing of receipts ahead of tax time