In any business, the major concern for various employees is their payroll. Being the asset of the company, they deserve all the satisfaction. So, any business that understands employee satisfaction, will work its best to ensure a proactive payroll strategy. However, the time changes as new legislation keeps kicking in – affecting the way we work and rewarding our employees.
Wondering ‘what is payroll compliance?’ It is needed when you need to comply with the payroll rules in Australian states and territories.
Here are some of the key points to consider for the payroll compliance checklist in Australia.
More than half of the HR and payroll departments of the companies think that they are going fine with their compliance system and are good at managing taxable wages. Nearly, 37% of the companies don’t bother if they are compliant or not. So, right now, all the organizations who want to avoid any overcompensation or underpayment need to be fully confident with their system.
The levels of collaboration among human resources and payroll are as high as 41% in maximum companies in Australia. However, 7% of HR and payroll may still need some assistance for the enhancement of this relationship. Also, there were some (you can say 1%) organizations without any HR or payroll process and system.
Employees eagerly want to make sure that their organization achieves the straightforward way or working process for their employees. Some of the major issues they face as payroll tax act compliance issues that also need special attention are:
- Awards and Fair work
- Termination of Employment
- Data Security
- Fringe Benefits
- Global workforce
- Superannuation
As per the survey, 43% of companies are still concern about over/underpaying their employees at the time of termination. Some claims that termination pay is simple and others had a few complications in the areas like:
- Calculating ETP thresholds
- Redundancy and lump sum D
- Annual Leave and Long service leave
- Minimum entitlements
Data privacy is a huge concern of people and is increasingly critical to both employers and employees. Companies are obliged from 2018 to report any type of privacy breach. However, some companies still need some help with payroll rules and regulations in Australia.
Get in Touch
If you are a company that has any concerns in any of the above considerable factors regarding payroll tax Australia you can always use the assistance of Microsoft-certified experts of DHRP. We will help you with Dynamics 365 Human Resources and payroll software as per your company requirements. So, call now, and let’s get started once we have the idea about the current position of your company’s working status.
