As the majority if entities employ staff, payroll is usually one of their largest expenses. It can be of either a weekly, fortnightly, or monthly nature. With regards to payroll, the employer must take out any PAYG withholding tax from the employees’ salaries/wages as applicable – this is submitted to the ATO.
As well as payroll tax obligations business owners need to consider the physical procedure of actually paying your staff – calculating how much to pay them, recording the payments and the electronic transferring of the funds, which is the most common way to distribute pay.
The procedures and software required for payroll transactions can vary significantly depending on the size and requirements of each individual business.
At The Quinn Group our team of accountants can assist you devise and implement a payroll system that suits the needs and budget of your business. We can provide initial training as well as ongoing bookkeeping and record-keeping assistance.
For advice or more information on payroll, bookkeeping or any business accounting requirements contact the accountants at The Quinn Group now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166.
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