Payroll is the sum of all payments made to and on behalf of employees and is critical to businesses. The primary objective of payroll processing is to ensure that employees receive all the financial entitlements they are owed in a timely manner.
Payroll processing services include:
- General Payroll – Ensure your staff are paid the correct rates and paid according to the correct hours worked.
- PAYG Withholdings –Businesses that employees or pay employees of another business, must withhold an amount from payments you make to them.You must also withhold an amount from payments you make to other businesses if they don’t quote their ABN to you on an invoice or other document if required.
- Entitlements – Calculation of leave including holiday, personal, long service and rostered days off.
- Payroll Tax–When an employers total Australian wages reaches what’s known as an ‘exemption threshold’, they are liable for payroll tax. Payroll tax is payable to the state by an employer, based on the total wages paid to all employees.
- Superannuation – Employers are required to pay a percentage on top of “ordinary times earnings” to a nominated superannuation fund. These contributions need to be made at least once every three months and penalties for late payment are very severe.
- Single touch Payroll obligation: Single touch payroll is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Now, ATO requires small businesses to send a report after each payrun
Bright Bookkeeping can help to take the stress out of payroll for our clients by providing complete payroll solutions.