Reporting for Payroll
In This Chapter
Reporting for how much wages tax and superannuation a business owes
Keeping on top of other kinds of payroll expenses
Tidying up payroll accounts at year’s end
Providing employees with wages summaries, and more
Making sure you toe the line with minimum pay and conditions
Bookkeeping is the only word in the English language I can think of that has three double letters in a row (double ‘o’, double ‘k’, double ‘e’). All this doubling up is entirely appropriate when you think of the winning strategy of all good bookkeepers: Double-checking, double-checking and then double-checking again.
I guess the heavy thing about being responsible for payroll is the level of responsibility involved. If you make a mistake, maybe reporting the wrong amount of tax or wages on an employee’s annual summary, that person can end up with a scary tax bill. If you forget someone’s superannuation payment, that employee either misses out or, if the ATO discovers ...