A list of payroll questions to ask your accountant
A good understanding of payroll regulations is essential for Australian business owners to stay compliant with ATO & Fair Work laws. Having an accountant oversee your payroll processes can be an effective way to ensure accuracy and compliance.
Ask the right questions to ensure that your accountant is up-to-date on payroll regulations. This can help you avoid costly mistakes after all the effort it took to turn your idea into a business. You may also have questions about funding opportunities for your business, such as getting a loan or a grant.
The following are some important questions you should ask your accountant about payroll.
What are the current minimum wage rates in Australia, and how do they apply to my employees?
Ensure that you are paying your employees the correct minimum wage rates determined by the Fair Work Commission. Based on your employees’ classifications and hours worked, your accountant can help you calculate these rates.
As an employer, what are my superannuation obligations, and how can I ensure compliance?
Contributing to your employees’ superannuation funds is your responsibility as an employer. You can ask your accountant to assist you with understanding your obligations, including calculating super contributions and making super payments.
What type of employee should I classify as an employee or a contractor?
n addition to costly penalties, misclassifying employees can lead to legal issues. To ensure that you are classifying your workers correctly, consult your accountant about the differences between employees and contractors.
How long should I keep accurate payroll records for?
Maintaining accurate payroll records is crucial to compliance and can prevent tax problems. The records you need to keep for your business can be determined by your accountant, as well as how long you should keep them.
Is there a way for me to make sure that I am meeting my compliance obligations relating to payroll?
Depending on the size and location of your business, your compliance obligations may differ. By working with your accountant, you can make sure that your single touch payroll, employee payslips, payroll tax and other legal requirements are met on time.
It is important that you ask these important questions in order to ensure that your accountant offers you the most accurate payroll advice.
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