Payroll System Management and Maintenance
Payroll system maintenance and management is one of Bab’s major expertise. BaB will assist businesses with their payroll system. Depending on the business set up whether payroll is done manually through spreadsheets or through an on-the-shelf or tailored software, BaB will strive to assist businesses of setting up a workable payroll be it manually or computerized payroll system.
BaB will provide assistance in the following areas of your payroll system:
- input and calculation of their daily timesheets
- calculation of the employees weekly, fortnightly or monthly pays made payable by pay slips and straight into the employees bank accounts
- calculation of employees annual & sick leave accrual and long service leave accruals, (d) calculation of employees pay as you go withholding tax
- employees superannuation deduction remitted straight into their elected or chosen superannuation fund
- calculation of terminated employees entitlements
- salary sacrificing etc.
Payroll System Maintenance and Management – other necessities
BaB will also strive to assist the business owners in the maintenance of the necessary employee’s employment records vide a hard copy or through the software’s embedded program.
Through this, BaB will also be able to assist businesses in the production of the year end PAYG payment summary for the employees and the report needed to be submitted to the ATO manually or electronically which is lodged directly from the business accounting software (if any) to ATO.
Payroll System Maintenance and ATO’s Requirement for a SuperStream Lodgement
BaB will strive to assist businesses set up the ATO’s requirement for a SuperStream lodgment and compliance. SuperStream is an electronic and standardized solution that streamlines the super payment processes.
Under SuperStream, employers or business owners with more than 20 employees are required to pay super contributions for their employees and the associated employers contributions electronically or BPay and send the associated data electronically.
This is the easy way of paying business obligation by remitting superannuation contributions for the employees who belong to different super funds in just one remittance or payment.
For further reading about Managing and maintaining your payroll system in alignment to Taxation, just click HERE