3, 2, 1… blast off to NZ payroll end-of-financial year
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Launching a star into orbit, splitting the atom, climbing Mt Everest, and building a successful business: they’re all things that can take a lot of time and energy. Luckily, payroll in Xero makes processing end of year so easy that you’ll have plenty of both left over to work on your own pet projects.
Things that make your life easier
- Xero takes care of changes to the annual ACC earner levy threshold – it’s going up to $126,286 – and the student loan threshold – which is increasing to $374 a week – for you.
- From 1 April 2018, you’ll be able to select an ESS tax code when processing employee share scheme (ESS) benefits through payroll, making your life a whole lot easier.
What you need to do
- You’ll need to change the hourly rate for some employees. The minimum wage is increasing by 50 cents to $16.50 on 1 April 2018. Both the starting-out and training minimum wage rates increase from $12.60 to $13.20 an hour. See how to change an employee’s salary and wages details.
- Before the first pay run of the new tax year, you’ll need to review the ESCT rates, to make sure they are based on what employees actually earned for the previous tax year. This is done from the Taxes tab for each employee.
And that’s all folks! Now you’ve got the time and energy to go do the best work of your lives.
For more information
To delve deeper, we suggest:
- visiting the Xero help centre for end-of-year payroll information
- checking out the end-of-year payroll tips in this video
And if you can’t find the info you need, the support team are here to help – watch the video to find out the best way to contact us.
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Source: Xero Blog
