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HR & Payroll Add-on for Australian Businesses
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HR & Payroll Add-on for Australian Businesses
As you hire an employee, you need to add all the information against another entity for their title, job, position, taxes, and benefits. Now, we have payroll systems in place, but as the compliance rules change with time, everything demands more certainty to ensure the scalability of the system; you need scalable features, too. This is where Dynamics 365 New Zealand comes into the picture to play a vital role in every organization’s growth. This solution is highly capable of recruitment, approvals, timesheet entry, reports for tax, and attendance.
Employees are taxed from their salary or wages, which is directly deductible from their pay as they receive. It consists of the payment towards their ACC earner’s levy. Inland revenue provides companies with the tables and calculators of PAYE to help them deduct accordingly. As the feature is incorporated into Dynamics 365 finance & operations, New Zealand payroll streamlines these calculations, making it easy for companies to automate tax deductions according to the regulations. You can set up the taxes and tax codes by navigating to the Payroll module.
ACC Earners’ Levy All employees are required to pay an ACC earners’ levy to cover the expense of non-work-related injuries based on their wages. It usually includes PAYE, although we can pay individually. Once you have set up the NZ payroll tax and tax codes, you can see the ACC Earner’s Levy deduction on the Payroll (PAYE) module.
KiwiSaver scheme is a savings plan designed to help you prepare for retirement. Most members will build their savings by making monthly payments from their paychecks.
If you are saving through employment, your employer must also contribute. In other words, KiwiSaver membership advantages include payments from your employer and the government, provided you qualify.
KiwiSaver is a voluntary savings system designed to help you prepare for retirement. You can make recurring KiwiSaver contributions through your paycheck or directly to your plan provider. Employees are not required to do anything to obtain a government contribution. Your KiwiSaver provider will submit the claim on your behalf.
The donation will appear in your Kiwi Saver account within a month of your provider filing the claim. You can set it up in the Payroll module of Dynamics 365 through benefits<benefits. Once you have it all set, you can view the worker’s profile along with the deductions and contributions.
Employer superannuation contribution tax (ESCT) is the tax deducted from cash contributions made to employees’ superannuation accounts, including Kiwi Saver. It is not a new tax, previously known as the ‘Specified superannuation contribution withholding tax.’
Employer superannuation contribution tax is a tax on any monetary contribution made by an employer to a superannuation fund for the benefit of its employees. Tax will be withheld on all employer donations to Kiwi Saver and compliant funds.
To calculate ESCT, you will enable the ESCT button in the tax code and exclude earning codes that are not part of the gross salary. To complete the ESCT procedure, you need to customize the benefit plan and tax code screens.
This tax credit is accessible to employees who have an annual income between $24,000 and $48,000 and meet all other qualifications.
Employees with yearly salaries ranging from $24,000 to $44,000 will receive an additional $10 per week.
Employees earning between $44,001 and $47,999 will receive a reduced entitlement. The decrease is $0.13c per dollar.
Employees can claim the credit by filling out a ‘Tax Code Declaration’ form (IR330) or informing their employer in writing that they desire to alter their tax code to one of the following:
To set up the IETC, navigate to the payroll module and then set up the taxes and tax codes.
When a person works in more than one position in a firm, the positions chosen by the employee are considered supplementary sources of income. All employers are obligated to withhold income tax, although secondary employers must withhold it in a different manner than primary employers.
To make the secondary payment, a secondary calendar, time registration tab, and position tab would be added to the worker tax code page.
Currently, the earning statement uses the time registration, calendar, and tax of primary work for the secondary payment, which is impractical. To meet these needs, we need to design new forms for secondary time registration, a secondary calendar tab, and a position dropdown on the worker tax code page.
The employee commences the procedure by completing the timesheet. They then turn in their timesheet to their team leader, manager, or point of contact within the organization. If the timesheet is complete and accurate, the team leader or manager authorizes it.
Process and Configuration:
When a user uploads time registration files, the “position” column automatically populates.
After uploading the file, click the Process button, and “Shift Profile” will populate automatically.
After the data has been computed, it will automatically populate the Attendance Summary page.
In the pay statement, “Primary and Secondary Employment” is shown as
As you implement the Payroll Dynamics 365 module, you get to enjoy the benefits of managing earnings, deductions, sick leave settlement, benefits, and compensations, all with simple and accurate calculations using the NZ payroll calculator.
DHRP is all set to share the expertise of implementing the payroll module and set up all the features for you. Reach out to get started now!
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