New tax form to be issued
A new form combining the accident compensation levy statement and the PAYE reconciliation statement will be issued to employers in the next few weeks, said the Commissioner of Inland Revenue (Mr John Simcock) yesterday.
The new combined form aimed to streamline the work and form-filling associated with PAYE reconciling and in meeting employer levy obligations for accident compensation. he v said. “The old system entailed ’double-handling' virtually the same information about employees' earnings and could involve several different forms being filled in by the employer. This created administrative problems and expense for employers as well as for the department.” The previous requirement for new employers to "guess ahead” their accident compensation levy liability until the third year of operation would no "longer be neces-
sary. Employers in future would pay a" levy based on their actual financial year wage bill, ,he said. The new combined form would be due from employers by May 31 and the employers’ accident compensation levy woqld also be payable by that date. Under the old system the employer was required to furnish a PAYE deduction statement to the department by May 15, then a separate accident compensation levy statement bv June 30.-
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Press, 16 March 1982, Page 35
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203New tax form to be issued Press, 16 March 1982, Page 35
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