If you are from an Asian country then you will really like NZ tax system, it is very easy and straightforward. There are clearly defined tax slabs and lesser tax saving schemes makes it easier to calculate and understand pay. This post is going to talk about very popular payroll software called MYOB.
MYOB Mind Your Own Business, is an Australian multinational corporation. The company provides accounting, payroll and retail software and web hosting to small and medium businesses, and is particularly well-known in Australia and New Zealand.
MYOB Payroll
It is easy-to-use; it’s suitable for any size business set up. Over 700,000 different businesses all over Australasia taking benefits of MYOB. MYOB has an awesome product on the market that is aimed at those who need to organise their business’ payroll, with little to no experience.
Tracking all of your employees’ holiday leave, sick leave and maintaining your employee records can take a Lot of time, money and resources. MYOB Payroll is an all-in-one tool that will calculate accurate earnings, taxes and deductions for you – automatically
Example
In order to understand MYOB and NZ payroll, I downloaded study version of MYOB and created a database for a dummy company called NR consultancy. Below example shows Sept-2010 pay-slip for a HR advisor named James Cook.
Assumptions:-
- James Cook is an employee of NR Consultancy, working as HR Advisor
- Pay frequency is monthly, example pay slip is generated for Sept 2010
- James has a gross annual salary of $42188, i.e. $162.26 a day
- During Sept 2010, James was in office for 12 days and below is the distribution of his non-working days
a) 6 Annual leaves
b) 3 alternate holidays
c) 1 sick leave
Limitations:-
- "YEAR TO DATE" is not calculated in this pay-slip, as I have only created pay-slip of only Sept 2010. I will update below screen-shot after completing my database entries for Mr James Cook.
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