Payroll is a hot topic at the moment. It’s the end of the financial year and of course, everyone wants their group certificates for tax purposes (even though they don’t exist anymore). We have until the 14th of July to get all of our client's payroll recognised and finalised with the ATO so there are only a few days left.
In this episode, I’m taking you through a high-level overview of what payroll is (including superannuation and PAYG information), important notes you need to think about, and, finally, I’ll walk you through 15 points you need to tick off to ensure you’ve got your payroll covered.
Payroll is one of the most complicated parts of my business. There are challenges for businesses that employ a mix of casual, part-time and full-time staff, include special contractual arrangements (such as allowances, deductions, and salary sacrifices), and must adhere to complex awards.
The average business owner doesn’t understand the complexity of payroll and often I’ve seen the average bookkeeper struggle. We often hear about payroll underpayments from big companies on the news that extend into the millions so I want to stop any of that happening to you down the road.
Write down each of these 15 checks to sit down and go through carefully to make sure you’re running your payroll correctly, efficiently and in compliance with the ATO.
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Check out my course Bookkeeping it Real here!
