New Zealand only
What is PayAgent?
MYOB PayAgent is a service that helps take the hassle out of compliance. Once you're registered for PayAgent, MYOB takes care of paying wages, PAYE deductions and IRD reporting. This means less paperwork and time spent on compliance, and more time put back into your business.
How does PayAgent work?
It's easy! First, you'll complete run your pay runs as normal. When they're done, you'll authorise MYOB to process pay and deduct wages and tax. MYOB debits the gross pay from your account and credits your employees with their net page.
PAYE and deductions (e.g., employee KiwiSaver, employer KiwiSaver, ESCT, child support and student loans) will be automatically paid to the IRD by the 20th of each month.
This means MYOB is acting as the intermediary for you (the employer) and takes the responsibility of making these payments on your behalf.
Signing up for PayAgent
If you have a New Zealand Essentials business, you can sign up for PayAgent from your Payroll settings.
Click the Register for PayAgent button to begin your online registration.
After clicking the banner button, you'll be taken through a short online application process which will ask for your business and banking details.
Continue below for information on Post-registration tasks, including emailing supporting documents like a bank statement and a copy of your drivers license.
After completing the online application process, you'll receive an email detailing your next steps and ask you to fill out and email back some additional documents, including a bank statement and a copy of each directors' drivers license, to PayAgent@myob.com. Please do this as soon as possible. ui-
Why do I have to provide my driver's license and bank statement?
Because PayAgent is a financial service that involves the movement of money, MYOB is required by law to complete a risk assessment of each business. The drivers licenses help us complete credit checks of each director, and the bank statement helps us check the validity of the bank account details provided in your online application.
Once we've receive all your supporting documents, PayAgent will be activated for your business from the 1st of the following month. For example, if you apply on the 20th of March and are approved, PayAgent will be ready to go on the 1st of April.
If your application is successful, you'll receive a PayAgent activation confirmation. Nice work! PayAgent will be ready to use from the 1st of the following month.
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|It's important to ensure your employees' bank details are correctly entered into Essentials, because MYOB will automatically start taking care of wages and IRD payments from the agreed date. |
Paying your employees with PayAgent
You still complete your pay run in MYOB Essentials as usual.
When you finalise the pay run, PayAgent takes care of the rest, including:
- automatically debiting the gross pay from your bank account and crediting your employees with their net pay,
- PAYE, Kiwisaver and child support contributions will be automatically paid to Inland Revenue by the 20th of the month
- and your Employer Schedule (ir-File) will be automatically filed by the 20th of the month for you.
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Note that you must finalise your pay run by 4pm to be processed by PayAgent that same day. Any pay runs finalised after 4pm will be processed the following business day.
For more information on PayAgent, such as processing pay runs on public holidays or changing pay run frequency, see the FAQ below.
Pay run and processing FAQs
<h2><i class="fa fa-comments"></i> FAQs</h2><br>