For all Australian businesses, PAYROLL can be a nightmare. Doing payroll in a wrong way may mean serious consequences like fine and infringement of the laws. Here are 5 things for you to know about payroll.
This is an important question to answer since ONLY an employee is paid through payroll. In short, an independent contractor is a self-employed person, and you are not responsible for his benefits while you are for employees. The classification may sometimes be difficult since complicated legal concepts are involved.
Especially those related to wages. You need to look at both federal laws and local laws since both can provide important regulations. What you need to look at include minimum wages and when you should pay your employees. This may be different among different local counties so if you operate in different cities of Australia, check the laws of all cities.
Payroll software is basically a technological payroll solution. It can help you streamline and automate the important process of paying wages to employees. Entrusting this with technology is a way to make sure you are doing payroll right. You can purchase such software from any HR technology vendor.
Of course, if you do not want to do payroll by yourself you can always outsource it to a HR company. There are a lot of them in the market and they know the law well, and they know how to make payroll once you give them the information needed. Although this means you need to pay another sum to them, what you exchange for is less troubles with payroll. So I think this is still a good bargain.
But ultimately, no matter what payroll services you use, payroll I still your responsibility. It should still be you who are ultimately responsible to pay your employees. Although the payroll software or who you outsource payroll work to may help you a lot, you still need to monitor what they do in case of any problems.
Instead of seeing payroll as a trouble, why don’t see it as a way to compensate and show your appreciation to your employees? After all, they work for you with loyalty and effort, and they deserve to be paid on time and paid well. I am sure that the above tips about payrolls will benefit a lot of Australian businesses like you.
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