Are you missing any important steps?
To help you gain confidence with your payroll processes, we’ve created these free resources to guide your business in ticking off the right steps towards a compliant payroll system and function.
10 Point Compliance Checklist
Fortunately, using our downloadable payroll checklist can help you get the job done whilst limiting any mistakes and make payroll processing just a little bit easier. This instrument will get you through the tedious task of keeping your pay runs, reporting, award interpretation and compliance in check, so you can focus on the important things.
The checklist covers the top 10 necessities for ensuring a compliant and efficient payroll function. Items include:
- Software advancements in employee onboarding;
- Automated tax / award interpretation calculations;
- Audit trail logging and remote accessibility;
- Periodic reviews around the payroll process and a mechanism for keeping up to date with legislative changes.
The end of the financial year (EOFY) can be a busy and overwhelming time for an organisation, especially for Payroll. Increasing pressures and long hours are common occurrences in the weeks leading up to the 30 June deadline.
A 2016 survey revealed that business owners consider EOFY as a non-pleasant task that they tend to put off. The EI End of Financial Year [EOFY] Checklist has been designed to assist organisations with a smooth, accurate and timely year end process. This checklist will help you to identify the data that is to be validated, reporting requirements that are to be met, ATO timelines, and other useful year end advice.
ATO Requirements when Migrating Payroll Solutions
When it comes to migrating your existing payroll system to a new payroll solution, the four key requirements in this checklist highlight the areas of payroll compliance the Australian Tax Office (ATO) will consider while helping to ensure mitigation of risk to your business.
With the pace of payroll reform increasing, it’s now more important than ever to stay informed about employment laws, reporting rules, and other compliance obligations.
The new payroll reporting landscape has created a shift in the way payroll data needs to be migrated. The ATO framework provides for a few different options in relation to how an employer might migrate data into a new system. Depending on the time of year, business specific staff turnover rates and workforce distribution (permanent vs casuals) an employer may approach a data migration to allow for their own unique circumstances. The requirements checklist provides an outline of:
- Options for transferring year to date earnings for all staff;
- Options for migrating terminated employees and how to finalise STP reporting for all employees;
- Considerations when wanting to migrate historical payroll transactions;
- Transfer of leave balances and outstanding leave requests.
About Employment Innovations
Employment Innovations is one of Australia’s leading providers of employment services designed to increase productivity and ensure compliance. Its services and solutions include all the tools that every Australian small to medium sized employer needs – including workplace advice, legal services, payroll solutions, migration, human resource management and HR software. If you require any assistance with this process, or to access the template letters you will be required to issue employees, please contact Employment Innovations.
The information provided in these blog articles is general in nature and is not intended to substitute for professional advice. If you are unsure about how this information applies to your specific situation we recommend you contact Employment Innovations for advice.