Payroll in NZ represents the list of employees who are entitled to receive payment and the value of this pay. Additionally, the employer needs to contribute a percentage of the employee’s gross wages to the KiwiSaver scheme, when the employee has entered into this superannuation scheme.
Both the employer and the employee contribute to the voluntary, work-based savings scheme, however, their rates vary. In addition, the government also contributed a member tax credit.
Understanding these requirements is important for all investors interested in New Zealand company formation. If you are ready to start a company, our team can provide you with essential information about hiring staff and the duties and responsibilities that arise, in addition to services related to payroll in New Zealand.
Working with a third party that offers services for employers is oftentimes the preferred method for companies, especially when they have a larger number of employees. Our team is also able to assist businesses with payroll services in NZ.
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As part of their mandatory contributions in New Zealand, employers are subject to social security contributions as part of the KiwiSaver superannuation scheme which the employee opts into and also contributes a percentage of his/her salary.
Understanding the requirements of payroll in NZ is essential before hiring employees. These refer to the minimum wage applicable in the country, as well as the proper management of the due payments both to the employee (the wages/salaries) and to the aforementioned superannuation scheme.
The reason why many companies will choose to outsource payroll in New Zealand is so that business owners can have the peace of mind that the salary payments are performed accordingly and that any social security contributions are paid in due time.
As part of a package containing payroll services in NZ, businesses receive the following:
Our team can not only help investors open a company in New Zealand. We also assist with post-registration issues, such as payroll, corporate income tax matters, and many other problems. For questions about our services, please do not hesitate to reach out to one of our specialists.
Employers in New Zealand are all asked to pay the minimum wage. This applies both to full-time and part-time adult employees, as well as to trainees, new workers, as well as workers with disabilities.
Understanding and observing these requirements is a key condition and one with which our team which specializes in payroll in New Zealand can help company owners.
The following wage rates were in force at the time this article was written:
Business owners can reach out to our experts in New Zealand company formation at any time for more information on the different types of minimum wage.
Contact us if you need more details about payroll in NZ, in addition to the information provided in this article.