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What is payroll?

Payroll refers to the process of managing employee wages, salaries, bonuses, deductions, taxes and superannuation contributions.

It encompasses various elements, such as calculating employee hours, withholding taxes, and issuing payments to your employees.

Please note that the information on this page relates to the processing of payroll only. Retinue does not provide advice or services related to the Fair Work Act 2009 or any other industrial relations legislation. For such advice we recommend you speak to specialised employment relations experts.

What are employer payroll responsibilities?

As an employer, you have several crucial payroll responsibilities, including:

Tax Compliance

Ensuring you are correctly withholding and remitting income tax, superannuation, and other mandatory deductions stipulated by the Australian Taxation Office (ATO).

Superannuation Contributions ​

Making correct contributions to your employees’ nominated superannuation funds, meeting the minimum requirements. Failing to do so exposes your business to an additional Superannuation Guarantee Charge, which is a non-tax deductible penalty.

Reporting

Lodging PAYG (Pay As You Go) withholding reports, taxable payments annual reports, and other necessary documentation with the ATO.

Single Touch Payroll

Single Touch Payroll (STP) is an Australian government initiative aimed at streamlining the reporting of payroll information to the ATO. It requires employers to report payroll information electronically to the ATO at the same time employees are paid. This electronic reporting is done directly from the employer’s payroll or accounting software, and it includes details such as salaries and wages, pay as you go (PAYG) withholding, and superannuation contributions.

Accurate Record-keeping

Maintain comprehensive records of employee hours, wages, and all financial transactions related to payroll.

Timeliness

Ensuring that your staff are paid on time in keeping with your established pay cycle.

24/7 Tax, Bookkeeping and Payroll* support. Guaranteed.

We envisage a future where every small business can get the right support, at the right time, at the right price.

Should I outsource my Payroll?

Outsourcing payroll may be a smart move for your business. Just some of the benefits may include:

Increased time and efficiency

You didn’t get into business to manage payroll. Yet it can be time-consuming and error-prone. Outsourcing can free up your time to focus on your business while this fundamental aspect of your operations is handled on your behalf.

Better compliance

Payroll regulations are complex and ever-changing. A reputable payroll provider can help you stay compliant with ATO regulations while you concentrate on your business.

Cost Savings

Outsourcing can reduce the costs associated with in-house payroll management, including software, staff training, and potential penalties for non-compliance.

Access to expertise

Professional payroll providers have the expertise to handle payroll intricacies, reducing the risk of costly errors. By outsourcing payroll you’re in the hands of experts which offers peace of mind.

How to choose a good payroll provider

If it’s time to outsource your payroll, choosing the correct provider is essential. Here’s what you should look out for:

Reputation​

Look for providers with a strong track record and positive client reviews. Ask for references or recommendations from other businesses.

Service Scope

Ensure the provider offers services that align with your specific needs, such as tax compliance, superannuation management, and reporting.

Pricing

Understand the provider’s pricing structure, including any hidden fees, and make sure it fits within your budget.

Technology and Software

Choose a provider that uses modern, user-friendly payroll software, which can simplify the process for you and your employees.

Compliance Expertise

Confirm the provider’s knowledge of Australian payroll regulations and their ability to keep your business compliant with the ATO.

Retinue clients enjoy access to a dedicated team who handle payroll processing. Contact us to get your free quote for our services.

*Retinue’s payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.

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How can Retinue support your business with Payroll?

While our payroll service includes the processing of hours and wages rates provided by you, we do not determine award rates for your employees or provide advice on the correct employment status of your employees. It’s the responsibility of our clients to ensure that employees are paid correctly. We recommend obtaining advice from specialised employment relations experts.

Our payroll service includes the processing of hours and wage rates provided by you. Retinue does not provide advice or services related to the Fair Work Act 2009. It’s the responsibility of our clients to ensure that employees are paid correctly in accordance with the Fair Work Act and other relevant legislation. We recommend obtaining advice from specialised employment relations experts to understand your obligations.

FAQ

Payroll management involves calculating, processing, and distributing employee wages, salaries, superannuation, tax and other associated responsibilities.
Key responsibilities include accurately calculating wages, withholding taxes, managing superannuation contributions, complying with Fair Work Act provisions, and maintaining precise records.
This decision depends on your business’s needs, resources, and expertise. Many small businesses find it cost-effective and efficient to outsource payroll to experts who can ensure accuracy and payroll compliance.
Look for providers with a strong reputation, a range of services, transparent pricing, expertise in Australian payroll regulations, and excellent customer support.
Outsourcing can save time and resources, reduce the risk of errors and penalties, provide access to payroll expertise, and ensure compliance with the regulations outlined by the ATO.
Protect sensitive payroll data by using secure, password-protected systems, regularly backing up data, and restricting access to authorised people within your business. Consider encryption and two-factor authentication for added security.

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