The perfect payroll - The importance of getting it right - 4th July 2014

In the past few days some clients of ours have passed on letters received from their mutual Employer. Apparently their Employer underwent a payroll audit, although the letter does not clarify if the payroll audit was internal or an external audit from the Australian Taxation Office or the Office of State Revenue. 

The payroll audit identified that some items on the employees payment summaries for the 2011 to 2013 financial years may be incorrect and employees will need to amend tax returns for those years.

For businesses, this highlights how important it is to get payroll right. Preparing payrolls is a complex and thankless task, the rules are confusing and extra complications occur with employees who salary sacrifice as well as those with Reportable Fringe Benefits and Reportable Super Contributions.

AVCA have been assisting business clients for over 30 years in developing the best strategies for their unique business needs.

Feel free to contact us for guidance to ensure your payroll is compliant and you are providing all relevant information for your employees.

T (02) 4929 5533 or E mail@avcharteredaccountants.com.au