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.
The amount of tax an Australian business should pay depends on various factors, including the type of business structure, the level of taxable income, eligible deductions, and any applicable tax credits or concessions.
For the 23-24 Financial Year the standard company tax rate is 30%. Small Businesses are eligible for a 25% company tax rate provided they are a base rate entity.
As an employer, you have several crucial payroll responsibilities, including:
Ensuring you are correctly withholding and remitting income tax, superannuation, and other mandatory deductions stipulated by the Australian Taxation Office (ATO).
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.
Lodging PAYG (Pay As You Go) withholding reports, taxable payments annual reports, and other necessary documentation with the ATO.
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.
Maintain comprehensive records of employee hours, wages, and all financial transactions related to payroll.
Ensuring that your staff are paid on time in keeping with your established pay cycle.
We envisage a future where every small business can get the right advice, at the right time, at the right price.
We envisage a future where every small business can get the right advice, at the right time, at the right price.
The hourly rate of a bookkeeper can vary widely. While there is no one-size-fits-all formula, the following elements are typically considered in bookkeeper fees:
Experience and Qualification
A bookkeeper’s level of experience and qualifications significantly influence their hourly rate. Those with more years in the field or advanced certifications may charge higher rates.
Scope of Service
The complexity of the bookkeeping tasks you require can affect the rate. Some bookkeepers may offer more specialised services or may charge more for their expertise.
Industry Knowledge
If a bookkeeper has experience in a particular industry, they may charge more for their specialised knowledge and understanding of industry-specific financial processes.
Software Proficiency
Proficiency in accounting and bookkeeping software can also influence the rate. A bookkeeper who is well-versed in a variety of software platforms may command a higher rate.
Overhead Costs
A bookkeeper’s overhead costs, including office space, utilities, and software subscriptions, may be factored into their hourly rate.
Demand and Availability
The demand for a bookkeeper’s services and their availability can also impact their rate. A highly sought-after bookkeeper may charge more.
As a small business owner it can be difficult to select the most cost-effective bookkeeping service for your business. But at Retinue, we don’t believe in an hourly-based billing model. You should have certainty and transparency around the cost of important services such as bookkeeping and accounting. That’s why we offer a fixed fee subscription model with no hidden fees or extra costs.
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.
If it’s time to outsource your payroll, choosing the correct provider is essential. Here’s what you should look out for:
Look for providers with a strong track record and positive client reviews. Ask for references or recommendations from other businesses.
Ensure the provider offers services that align with your specific needs, such as tax compliance, superannuation management, and reporting.
Understand the provider’s pricing structure, including any hidden fees, and make sure it fits within your budget.
Choose a provider that uses modern, user-friendly payroll software, which can simplify the process for you and your employees.
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.
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.
Payroll processing involves calculating and distributing wages to employees, withholding the appropriate taxes, and managing related deductions such as superannuation and benefits.
Payroll includes calculating gross wages, withholding taxes (such as PAYG), managing superannuation contributions, tracking leave entitlements, and issuing payslips to employees. It also involves reporting to the ATO through Single Touch Payroll (STP).
Payroll is typically processed on a regular schedule, such as weekly, fortnightly, or monthly, depending on the business and employment contracts. Consistent payroll ensures employees are paid on time and that tax obligations are met.
Employers are responsible for withholding PAYG taxes from employee wages, paying superannuation contributions to employees' super funds, and meeting reporting requirements like STP lodgement to the ATO.
Inaccurate payroll processing can result in payment issues, incorrect tax withholding, and missed superannuation payments. This can lead to penalties, legal action, and employee dissatisfaction.
*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.
*Retinue’s (ABN 66 658 618 449) 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.
Protection is only provided for ATO investigations notified to us during the period which you are a client and relating to any tax returns or lodgements prepared by us. Fines includes any penalties and interest that may result from any errors made by us but does not include any additional tax liability that may result from an amended lodgement.
Liability limited by a scheme approved under Professional Standards Legislation.
