Inland Revenue Requirements
Inland Revenue updates mean the existing Employment Information (EI) file won’t be supported from 1 April, 2021. The new EI file specifications have been introduced in this release and includes new fields for hours paid and prior period adjustments. It also introduces additional fields for SLCIR, SLBOR and ESS deductions so it is no longer necessary to report these items on separate lines. .
The supporting Employment Information Amendment (EIA) file has also been updated with the same field additions. In both cases you will still be able to re-output any existing files and make amendments using the old file formats.
Employee Details and KiwiSaver updates
The separate KiwiSaver Employment Details file will not be supported by Inland Revenue from 1 April 2021. All KiwiSaver details are now incorporated into the Employee Details file. This includes KiwiSaver eligibility, status, opt-out and bank account information. All existing employee KiwiSaver data is retained but new employee records, or any changes to existing records, are now entered through the new fields under Employee Details.
We have also put some smarts around this. The new fields are prepopulated as ‘not specified’ with a form only being submitted to IRD when new employee information is entered or existing employee records updated. We have also applied edit checks so it is impossible not to complete the required information or leave any compulsory fields blank.
While April 2021 may seem some way off, we all know these changes may need a little thought and adjustment internally. We recommend updating as soon as you can to be ahead of the game and start FY2022 off, fully compliant.
And that’s a wrap. If you would like to check out the content of any of our earlier releases from the last half of 2020 please follow the links below. Otherwise, stay tuned for our next major release coming up in Q1 2021.