Its not a picnic if you are doing it properly.
Don’t forget you are making a legal declaration to the tax office on behalf of your staff – it needs to be right. Near enough is not good enough.
Single Touch Payroll means the payroll data needs to be broken down into lots of little boxes:
Gross payments
Overtime payments
Bonuses and commissions
Directors fees
6xleave
10xlump sum payments
9xallowances
2xSalary sacrifice.
Did we say lots of little boxes? 31 little boxes for wages. Then deductions, super, tax and FBT boxes.
The tax office shares the data with other government agencies and that can effect your employees in less than good ways if you don’t get it right.
Once you’ve confirmed the data is correct – it goes straight to the tax office, your staff don’t receive paperwork from you.
Ask us to step in if you’d rather take your bear out for a picnic!
