Do you know your payroll obligations? Employees must be paid the correct pay for all time worked including time spent in mandatory training, team meetings and time opening and closing the pharmacy.
The following should also be considered to ensure payroll compliance:
Choose the correct Payroll software provider which is right for your business.
There are options ranging from a standalone program on your business computer to cloud based software that integrates with your accounting system or with an option to send your payroll directly to your accountant or bookkeeper.
Employers with 20 or more employees should ensure they are registered for Single Touch Payroll (STP).
From 1 July 2018, employers will need to report their employees’ tax and super information to the ATO through payroll software that is STP ready.
You will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll software each time you pay your employees.
You can also ask a third party, such as a payroll service provider or tax professional, to report on their behalf through a Single Touch payroll-enabled solution.
Note that employers with less than 20 employees will need to be ready to use Single Touch Reporting by July 2019.
For more information about Single Touch Reporting please contact the ATO
Ensure you have the latest payroll taxation tables applied to your employee’s payroll and keep up to date with the correct wage rates.
Are you sending payslips in accordance with regulations? Do you provide access to payslips electronically?
Do you have robust filing systems? In order to keep your records for 7 years you may wish to keep secure data back-up systems.
Perform a self-audit with our workplace relations checklist found in the Employment Obligations section of the Workplace Relations webpages to ensure that you are compliant.