PayHero Release: 29/02/2024

What's New?

Direct Debit Payments - Introducing our new direct debit payment option, allowing PayHero to debit your bank account and pay your employees and IRD on your behalf. You can now process all your payroll transactions from within PayHero without any extra steps! Learn more here: Pay Now with Direct Debit

Important notes:

• A 10-day stand-down period applies when you first sign up to pay by direct debit, during which bank rules require that we do not debit your account. You'll use other payment methods during this time. 
• For security purposes, payments to your employees via the direct debit process will initially have a processing period of 2 business days. Once regular processing is established, payments will be made to your employees the same day (subject to standard bank processing timeframes).
• A default limit of $30,000 per pay run applies. Contact support@payhero.co.nz if you wish to apply for a higher limit.
  
  

Improvements

POLi Future-Dated Payments - Payments processed using Pay Now with POLi in advance of the scheduled pay date will now pay out to employees on the pay date, rather than on the date the POLi transaction is processed. Note that the funds will still be debited from your account on the date you process the POLi transaction.

2024-2025 Tax Updates - Updates to the Student Loan threshold, ACC earners' levy rate, and minimum wage have all been applied for pays ending 01/01/2024 to 31/03/2025 (patched 07/02/2024)

• Student Loan threshold increased from $22,828 per annum to $24,128
• ACC earners' levy rate increased from 1.53% to 1.60%
• Minimum wage rate increased from $22.70 to $23.15 for Minimum Wage Top Up calculations