As a business operator, you have four main record keeping obligations when it comes to your employees:
- how much you've paid them
- what you've withheld
- what contributions have been made to their superannuation
- any fringe benefits you or your associates have provided.
You need to keep worker payment records, such as wages books, which record salary or wages, commissions, allowances, bonuses or other payments.
You can maintain your payroll records using manual systems. However, many commercially available software packages will calculate payroll, tax, super and other amounts automatically.
Always keep copies of your employees’ tax file number declarations (send one copy to us) and withholding declarations, including withholding variation notices.
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Keep records of payments to or for employees, such as salary and wages, pay as you go (PAYG) withholding and super guarantee. Also keep records relevant to your employees' of choice of super funds offered and any fringe benefits you provide.