Central Coast Payroll
You Can Count On
- Our Central Coast bookkeepers will process your staff wages.
- We will ensure you are up to date with ATO, STP and Superannuation obligations.
- The team are available for in-person meetings and can always take a call.
- We can support or represent you in the case of an ATO audit.
Contact us today to arrange an initial consultation with no obligations.
What is Payroll?
Payroll is the process of calculating and distributing wages to employees, as well as managing related taxes and deductions. It encompasses all aspects of paying employees, including tracking hours worked, calculating earnings, withholding taxes and other deductions, and ensuring compliance with employment laws and regulations. Proper payroll management is essential for maintaining employee satisfaction and meeting legal obligations.
To be successful, a business needs the following from a payroll service:
Accurate & Timely Payment
Our bookkeepers in Gosford will ensure that employee wages, overtime, bonuses, and other compensation are calculated accurately and paid on time - every time.
Single Touch Payroll
It is essential to use STP-enabled software to report payroll information to the ATO each time employees are paid. Our Central Coast team has years of experience reporting STP to the ATO.
Record-Keeping
Maintaining accurate and complete records of all payroll transactions, including employee details, wages, tax withholdings, and superannuation contributions, is required for compliance.
Tax Obligation Compliance
Our Gosford based team of accountants and bookkeepers are experts. They will manage your PAYG withholding, superannuation contributions, and other payroll-related taxes to ensure compliance with ATO requirements.
Risk Management
Our team has extensive experience managing payroll and we have an expert IT consultant to advise on cyber threats. We will implement processes and procedures to identify, assess, and mitigate risks such as employee fraud and cybercrime.
Communication
Our team in Gosford will provide clear and timely communication to owners and employees regarding their pay, deductions, and entitlements as necessary.
Get In Touch
Our new clients are offered an initial consultation to explain their business and individual goals. During this initial meeting, we also take this opportunity to understand your requirements and how we can help you by looking into any obstacles that may prevent you from moving forward.
When is Payroll due?
Payroll is typically due on a regular basis, such as weekly, bi-weekly, or monthly, depending on the business’s pay schedule. Specific due dates for payroll-related tasks include:
PAYG Withholding: Reporting and paying PAYG withholding amounts to the ATO by the due date specified for your business’s reporting cycle (e.g., monthly or quarterly).
Superannuation Contributions: Paying superannuation contributions to employees’ super funds by the quarterly due dates.
STP Reporting: Lodging STP reports with the ATO each time employees are paid.
Frequently Asked Payroll Questions
What is Single Touch Payroll (STP)?
STP is a reporting method that allows businesses to report employees’ payroll information to the ATO each time they are paid.
What are my superannuation obligations?
As an employer, you need to set up your business to pay superannuation contributions to eligible employees’ super funds through SuperStream and ensure payments are made by the due dates.
How do I ensure compliance with PAYG withholding?
Ensure that the correct amount of PAYG withholding tax is deducted from employee wages and reported to the ATO using the appropriate methods.
How do I handle payroll for a new employee?
Ensure that all remuneration arrangements, including PAYG withholding, FBT, and superannuation guarantee (SG), are set up correctly in your payroll software and comply with payroll administration requirements.
What should I do if there are discrepancies in payroll reporting?
Routinely undertake a reconciliation of payroll totals to compare PAYG withholding amounts paid against reported year-to-date STP data and BAS W2 totals. A year-end reconciliation will verify if your PAYG withholding amounts paid during the year equal the reported STP finalisation declaration.
“At Tax Stuff, we help you to stay organised and compliant.”
