Your Payroll Can Be Made Easier
Payroll processing in Australia has been rated as the fifth most complex in the world, so if you’re finding it hard, you’re in good company. This is the principal reason why you need to be confident that your payroll is done correctly because it’s easy to make mistakes, even by a lot of professionals.
Payroll processing can involve a wide variety of tasks, some of which can only be completed by a registered BAS agent.
Where a business organisation is outsourcing the payroll functions of their organisation, it is recommended that a check is made to ensure the entity or individual engaged to perform these tasks is in fact registered as a BAS agent. This can be quickly checked using the Tax Practitioners Board search facility, entering the name of the entity, or the name of the person if an individual. This search will confirm the registration status for you.
Single Touch Payroll (STP)
STP was introduced in Australia as a requirement and the professional ABBS team can help you to setup STP phase one and phase two requirements.
If you are about to hire employees or have recently hired an employee this is an important obligation for your business moving forward. If you have any questions or queries about STP set up for your business, contact our team.
How ABBS can Help
Some of the ways ABBS were able to assist clients to avoid over payments while maintaining compliance with their employee award provisions in their payroll processing was by correcting errors in payroll category setups.
- Holiday and Personal leave accruals were set to accrue on items that should not accrue leave entitlements; this meant that the on costs for the employer were higher than they should have been. We corrected these settings and made adjustments for prior errors.
- Superannuation in another instance was set to accrue on items that were not required accrue for superannuation. Not always but in many instances these over payments are unrecoverable, so it is important that this is done correctly. In some instances, we were able to negotiate a successful return of over payments and others we were not successful, as this is dependent on the particular policies of the individual superannuation funds. The important thing to note here is that over payments are often not recoverable.
- Termination payments was another issue where superannuation was paid on unused holiday leave. An unnecessary cost to the employer which could have been avoided.
Most employers try to do the right thing in respect of their employees, and some choose to pay additional amounts for the benefit of the employee; however ABBS believe that this should be a conscious choice made by the employer, and not as a result of incorrect payroll processing. These are just a couple of many examples that could be given where employers are paying more than they should, or are required to pay under modern awards.
Another side of this issue is also true.
Underpayments often happen unknowingly which are caused by errors or omissions. Such errors can result in back payments to affected employees as well as the possibility of penalties levied against the employer. These can place unnecessary financial strains on business finances that can have unwelcome and unexpected outcomes.
With payroll for most employers being a very significant cost; employers need to be confident that their payroll is being managed correctly.
Why ABBS
What our clients say about us…
“We have been able to
focus on our growth without the distraction of the bookkeeping”
Andy G
“I am so grateful for the expertise, professionalism and excellent customer service I have experienced.”
Marion B
“Took the weight off my shoulders so I could focus on developing my business and moving forward”
Elizabeth G
ABBS Guarantee to you
If we are provided with the information needed to complete your BAS, and an error is made, ABBS will complete any corrections and re-lodgements at no cost to you.
Contact Us
1300 022 270
enquiries@myabbs.com.au
Book An Appointment
Sign-up to receive free business building and bookkeeping information
Each month we send articles of interest to business owners and managers to keep them better informed. We provide you articles on bookkeeping, PLUS articles from our ABBS business coach on business building topics we know you will find valuable.
We are pleased to be able to provide these to you no obligation and no cost, so sign up today and don’t miss any of this valuable information.
Like you, we hate spam and do not provide your information to anyone for any reason.