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Bookkeeping For Dummies, Australian and New Zealand Edition by Lynley Averis, Veechi Curtis

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Chapter 12

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 the 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 that you’re dealing with other people’s lives. 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 simply misses out. And yes, when that person retires and ends up eating porridge rather than scotch fillet, it’s you that’s to blame.

To be honest, I actually prefer porridge to scotch fillet. And in this chapter, I explain step by step everything that’s involved in making sure your payroll reports are correct, including how to balance payroll accounts, check payroll liability reports, and deal with tricky stuff such as payroll tax and fringe benefits.

I also explain how to find out about minimum pay and conditions, so that when ...

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