If Fullstack Advisory has been engaged by you to handle your payroll, our team will:
- Complete the initial setup of your payroll using the information provided by you, including auto-superannuation payment processing
- Process payroll according to the payroll processing dates we have agreed in the Engagement Calendar. Note that we do not process the actual payments to employees. Companies typically either have standardised, regular payments and set these up as recurring payment via their Internet Banking or, if there are varying payments each payroll (especially where there are casual staff), we will send the details including an ABA file containing the payments to be made to the authorised company representative.
- Process superannuation payments quarterly and advise you of the payments due. You will receive an SMS text containing an authorisation code as the final release of funds direct debited from your nominated account. See Authorising Superannuation Payment batches for more information.
- Advise of the PAYG withholding (i.e. the tax you're holding back from employee's pay) as part of processing your quarterly BAS or monthly IAS (if we are engaged to do this)
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STP Finalisation at the end of the year is reconciled by ensuring that the payroll related accounts are reflected correctly at year end. These ledger accounts are: wages expense accounts, wages payable, superannuation payable and PAYGW payable.
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Lodgement of the necessary EOFY payment summaries (STP) on your behalf, we will notify you of this via email once it has been completed. Once it has been lodged the employees should be able to view their individual payments summaries on their ATO profiles.
As an employer, you must:
- Approve employee timesheets for any casuals in a timely manner in accordance with the payroll processing cycle so they can be included
- Process employee payments
- Authorize superannuation payments for dispersal to your employee's nominated super funds
- Pay the ATO any amounts due for PAYG withholding
- Ensure you have workers' compensation insurance in place - bizcover.com.au is a great place to start.
- Register for and pay any payroll tax amounts due (this varies state-by-state when your payroll exceeds a certain limit). You are, generally, required to self-assess your payroll tax liability and pay on a monthly basis and then submit an annual reconciliation at the end of each financial year. We can assist with the processing if specifically engaged for this additional service.
- Advise us of any new employees via the new employee details form
- Advise us of any changes to employee details, including when employees are leaving via the update employee details form
You should also review:
- Payroll - Information for employees that we send to all new employees as they are added to the payroll
Questions?
Send any specific questions you might have about your pay to Fullstack Advisory at payroll@fullstack.com.au