Things you need to know about payroll
- Do you know this year’s minimum hourly rate?
- Do you know the award category your employees fall under?
- Do you know how much to withhold from an employee when they don’t give you their tax file number and declaration to you?
- Do you know if there are fines if you get it wrong?
- Are you aware of the national employment standards for employee entitlements? For example, if an employee goes to a funeral, can you take this off their annual leave?
- Do you know how to calculate PAYG when HELP debts are involved?
- Are you registered for payroll tax? Do you need to be?
- Do you submit PAYG to the tax office monthly? Do you know at which point this becomes a requirement?
If you do not feel fully confident that you know the answers to questions like these then speak to one of our staff members today.
Call us on (08) 9377 4480 or click here to send us an email. Getting payroll right is crucial to the smooth running of your business.
What do we mean by ‘payroll’?
Managing the payroll for a business involves:
- Processing wages and salary
- Processing hours worked
- Keeping track of entitlements as they accrue
- Recording annual leave and personal leave
- Calculating long service leave
- Calculating leave loading
- Processing termination payrolls
- Transferring funds to employee bank accounts within the set timeframe
- Distributing pay advice slips to employees within the set timeframe
- Calculating and paying superannuation [hyperlink to Superannuation page]
- End of Financial Year processing
Even the most passionate and loyal employee will begin to feel undervalued if his or her payroll is not processed accurately and on time. Getting the payroll right goes a long way to creating a happy and productive workforce.
Speak to one of our staff today to find out how QCI can help your business manage payroll and keep your employees motivated. Call us today on (08) 6180 9852 or click here to send us an email.
