What is payroll processing ?
Payroll processing is how a company manages paying its employees. Here’s how it works:
Key Concepts of Payroll processing
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Collect Employee Information
The company gathers necessary details about its employees, including their names, addresses, job titles, pay rates, and payment schedules (weekly, fortnightly, monthly, etc.).
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Track Work Hours
For hourly employees, the company tracks the hours worked. Salaried employees have a set amount each pay period.
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Calculate Pay
The company calculates the total earnings for each employee (gross pay) before any deductions.
Payroll Compliance in Australia
Payroll compliance means following all the Australian laws and regulations about paying employees. Here’s what it involves:
Here are some Key factors:
Adhere to Labor Laws
Tax Withholding
Report Taxes
Accounting Softwares We Like
We offer long-term perspectives
By effectively managing payroll processing and adhering to compliance requirements, a company ensures accurate and timely payments to employees, while avoiding legal issues related to payroll.
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