How to Prevent Payroll Mistakes
Payroll is one of the most and major important parts of running any business like small, medium or big. But for employers, organizing everything can be a bit of a hard struggle – especially in the midst of a busy schedule trying to expand and grow an enterprise.
But payroll remains a crucial part for any business process, and as a result, employers can’t afford to make mistakes.
Here are four following tips you should consider when doing your payroll that will save yourself from a heap of stress:
1. Check all your employee list of details
First Priority would be to make sure all the information provided by your employees is up to date and accurate, including:
• Tax file number
• Full name
• Start date, or termination date
• Date of birth
• Current address
• Pay details include gross wage, allowances, hourly rate and the employment period.
2. Reporting and reconciling
The reports and reconciliation dashboards on payroll vary from state to state. Generally, payroll taxes are payable monthly and the employer must complete a monthly payroll tax form and lodge this with the state tax office.
You’ll be required to submit the completed Annual Reconciliation Form with the state each year, reporting all the annual taxable wages and premiums paid over the year. The Annual Reconciliation Form enable you with determining your tax amount — whether you still owe any taxes to pay to the state, or they owe you an amount refund if you’ve overpaid. If you employ staffs in many states, then you will have to be required to complete many state Annual Reconciliation Forms.
Make sure you review all these rules, procedures and processes so you’re not making any mistakes and get into the heap of stress!
3. Keep Yourself Up to date with frequent payroll tax changes
Payroll is not just a fixed “set and forgets’ procedure just like that. Tax rates are subject to risks and they frequently change every year, and from 1 July you’ll need to make sure you’re compliant with the current tax rates and meet the recent current trends and changes.
4. Don’t miss the payroll deadlines and take a heap of stress!!
You don’t want to miss your stressful deadlines – do you know when they are? The three you need to know about are as follows:
PAYG withholding. The taxes you withhold from payments you make to employees and businesses.
Payment Summaries. These are summaries of payment of how much you’ve paid each employee during the year as wages and salaries.
Super Reporting. There will be multiple deadlines in your list for paying and reporting super annual contributions – make sure you don’t miss them and get into trouble! (You’ll also need to upgrade yourself to speed with the government’s Super Stream system for superannuation payments and avoid your stressful computations.)
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