Tax Efficiency with Payroll Software
From easy employee onboarding to automated tax calculations, a good payroll system can be a game-changer when it comes to managing tax codes and ensuring accurate, timely filings.
Why Crystal Payroll is Your Best Choice
Crystal Payroll is designed to be feature-rich, aiming to provide you with the best payroll experience possible. That’s why we’ve focused on making tax code management simple, straightforward, and error-free. With our system, you can confidently say goodbye to tax code mistakes. Here’s what we offer:
Employee Onboarding and Offboarding
The tax code is one of the first things that should be sorted during the employee onboarding process. Establishing the correct tax code from the outset helps in accurate tax withholding, which in turn streamlines the payroll process and minimizes the risk of future tax-related issues. Similarly, during offboarding, the tax code helps in calculating final pays, including any holiday pay, bonuses, or other entitlements.
From the moment you set up a new employee in our system, you’ll find that handling tax codes is straightforward and efficient. During the initial employee setup, you won’t be overwhelmed with options. The system simply prompts you to select the appropriate tax code for the employee. With just one click, a series of calculations occur in the background, ensuring that the correct amount of PAYE is deducted from each paycheck.
Easy Tax Code Updating
Mistakes happen, and when they do, our user-friendly settings allow employers to easily update an employee’s tax code. These changes take effect from the next pay-run, keeping your payroll accurate and up-to-date. If you’ve already processed and filed a pay-run with an incorrect tax code, you have the option to amend and re approve those periods. However, in most cases, it’s advisable to let the IRD handle any adjustments, as they can determine whether the employee is due for a tax refund or owes additional taxes at the end of the year.
With features like Payday Filing, Crystal Payroll can automatically send the required tax information to the IRD every payday. This real-time reporting not only simplifies the filing process but also ensures that the tax codes are applied correctly for each pay cycle.
Tailored Tax Calculations
For employees with unique tax situations, such as tailored tax codes or multiple income streams, our payroll software can handle these complexities with ease.
Record-Keeping and Auditing
Good payroll software like ours maintains a detailed record of all transactions, including tax withholdings based on each tax code. This is invaluable during an audit or when you need to backtrack and verify historical data.
Choose Crystal Payroll to ensure your pay-runs are not only taxed correctly but also filed in compliance with New Zealand’s tax regulations.
Disclaimer: This blog post is intended for informational purposes and should not be considered as financial or legal advice. Always consult with professionals for tailored guidance.