Payroll
Payroll
Payroll is the accurate recording of salaries, wages, bonuses and entitlements. Payroll is one of the most sensitive areas of the business. If the payroll (wages and salaries) at the end of the work time are not paid accurately or timely this may result in the loss of employees and the reporting to the relevant government bodies (Work Place Relations). If employee entitlements are not recorded correctly and maintained correctly this may also result in loss of employees and reporting by the disgruntle employee to the Workplace Relations.
PAYE (withholding tax)
Payroll taxes are levied by the government on employees’ wages and other compensations. The amounts withheld by employers from employees’ pay for federal income. These funds are usually lodged with the tax office (via the tax office portal) or a monthly or quarterly basis).
Payslips
A pay advice is part of the payroll process. Even if pays are transferred electronically – each employee should also by law be receiving a payslip (all accounting packages provide this facility where payslip are emailed to employees). The payslip will detail the gross income and all taxes and other deductions such as superannuation liabilities and leave accrued if applicable.
