Administering the payroll is one of the most critical and demanding functions of a business. This comprehensive, easy-to-use guide clearly explains the essential components of all pay office functions and procedures.
The book provides a simple explanation of legal and tax implications relevant for payroll purposes and is an invaluable resource for payroll administrators, business owners and advisers.
Topics covered include:
- setting up payroll systems — including functions and staffing of the payroll office, records required by law, choosing a computerised system and internal controls and audit procedures
- ongoing payroll administration — including basic employment law requirements regarding the recruitment of staff, employment agreements, salary and leave calculations and payroll forms
- recent employment law changes in relation to Easter Sunday trading, parental leave payments and pay equity claims
- tax issues — including employers’ PAYE and KiwiSaver obligations, withholding tax on contractor payments, FBT, and inbound/outbound employees
- information on the tax treatment of employee allowances including accommodation, meal and clothing allowances
- information relevant to both manual, computerised and outsourced payroll solutions
- sample calculations, checklists, examples and forms essential for payroll procedures
- quick-reference payroll calendar with key filing dates and holidays.
New in this edition
- A brand new chapter on schedular payments made to contractors, including coverage of the new rules on voluntary withholding agreements and labour-hire firms
- Coverage of recent changes in the law including the 63-day adjustment for deducting employee remuneration and accounting for PAYE on shareholder salaries
- Changes to FBT including opting out of FBT by close companies that provide motor vehicles to shareholder employees
- Coverage of new rulings issued by Inland Revenue: determining market value of accommodation provided to employees and FBT on motor vehicles
- Early information on proposed changes including pay day reporting and employee share scheme benefits.
Click here to read some sample questions and answers on recent changes that affect payroll administration.