When you employ staff, it's important to have good payroll governance so that you can meet your employer tax, reporting and super obligations, including:
- Pay as you go (PAYG) withholding
- Single Touch Payroll (STP)
- Fringe benefits tax (FBT)
- Super guarantee (SG)
You should ensure your payroll governance measures are designed effectively and are fit for purpose. This means having systems and processes that are tailored to your businesses' structure, size, complexity and industry.
These measures should include processes and procedures that:
- support your business to comply with its legal obligations
- help identify, assess and mitigate risks such as administrative errors, employee fraud and cybercrime.
It's also important to ensure your payroll and accounting staff have the right skills and knowledge to perform their role.
Tips to help you keep on top of your payroll governance, include:
- adopting good record keeping practices
- reviewing your payroll processes regularly
- keeping up to date with any payroll updates or changes that could impact your business.
Find out more about the common payroll mistakes to avoid and use our checklist to help keep on top of your payroll governance for employers.
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