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Getting pay or payroll wrong is a major risk for any business. Errors can be costly not only in terms of money and time, they could land you in seriously hot water, legally.
Business owners and management are ultimately responsible for any pay mistakes and their consequences, which could be a hefty fine from a Fair Work Ombudsman Inspector, or the Australian Taxation Office, as well as any interest and legal fees.
Mishandling pay can also harm employees’ trust and confidence in the business, which can end up sapping morale and damaging your reputation. Unfortunately, pay errors aren't rare. A 2018 study estimated 2.4 million Australian employees could be affected by payroll underpayments, at a cost of $3.6 billion.
The combination of good payroll and HR systems will help reduce mistakes and non-compliance, and will make it quicker to identify and resolve any issues.
Here are some common pay errors to watch out for:
The process of calculating pay and paying people can be complicated and extensive, but having sub-par payroll practices can be costly, ineffective, and a major risk for your business. Having a robust payroll system can help with accuracy, automation, and record-keeping (you need to keep accurate records of all payments for at least 5 years).
Contact your WDF Professional team member if you would like to discuss further how we can help you with your payroll processing. Phone 02 6921 5444 or email accountants@wdf.com.au
The NSW Government has announced changes to stamp duty for first home buyers. The aim is to lower the up-front costs that are a barrier for many first home buyers entering the property market. Read More…
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Tax Tips for Self-Managed Superannuation Funds
SMSF management can be time consuming and complicated. It's important to get your deductions and record keeping correct for the SMSF audit process and tax return. Read More…