Payroll processing
Payroll Services Perth
If staff are your most valuable asset: the ability to pay them on time, correctly, every time must be one of your most valuable skillsets.
At Westcourt we can process payroll for a range of small and middle-sized employers with complex reporting, employee tracking and payroll compliance solutions. Ranging from Single Touch Payroll reporting, calculation of superannuation, payment times, ATO BAS reporting, employee payslip distribution and physical payment of wages from your bank accounts.
Payroll is a mission critical function in business and it is difficult for many middle sized employers to have multiple payroll staff to deal with admin staff on annual leave, sickness and resignations. So, sending the payroll function to an external firm – that will continue to supply even with staff resignations and sickness – is well placed. For smaller employers we can simply manage the tax reporting and bank processing obligations. Middle sized employers will enjoy giving team members with individual employee HR portals with each person’s employment contract, employee appraisals, payslips and written warnings.
We also act as a separation between the internal accounting team and the salaries for managed and CEO staff. So engaging Westcourt to run management payroll can alleviate a political game of envy within the internal accounting team and ensure confidentiality of payroll for senior management.
We also assist you with payroll processing by producing an audit ready “payroll pack” for each pay period. So, if you have a superannuation audit, payroll tax audit or employee question on leave entitlements you have a controlled knowledge bank of how the calculations were done and when so you can always refer back to it. It is never a question of “I don’t know because X (who has left) did that”.
We are also capable of preparing and lodging monthly payroll tax returns in every state of Australia that your staff are located in. So, the payroll tax compliance of your business, including the calculation of your shared payroll tax threshold, is correctly done.
And because your salary payments are reported to the ATO with each pay cycle, that then agrees to the BAS and then to your tax return – having your payroll managed within a team of expert tax advisors makes complete sense.
Further we understand that payroll processing increases in complexity as your employees grow. So, streamlining and automating reportable superannuation, fringe benefits tax contributions, motor vehicle and travel allowances – together with reductions like union fees – is important to ensure you have a competent, reliable and cost-effective platform to manage your staff payroll.
In effect we run a full HR compliance platform for your team – so you can focus on talent management, recruitment and optimising you’re the people in your business. And it means that your HR people can actually become HR people and not quasi bookkeepers reporting to the ATO.
At Westcourt we do not engage offshore labour to manage your payroll solutions. So the relationship manager handling your high level tax affairs can easily talk to your Westcourt payroll manager and get to the base of what is going on.
With our deep technical expertise, payroll specialists, local on the ground knowledge, end-to-end tax reporting strategy and streamlined systems – Westcourt is your natural cost effective choice for running your payroll – call us today.
Frequently Asked Questions
Payroll processing in Australia involves several steps to ensure that employees are paid accurately and on time. Here are some key aspects of payroll processing in Australia:
- Setting up payroll: Before processing payroll, businesses need to set up their payroll system and enter employee information, such as names, addresses, tax file numbers, and employment agreements. This information is used to calculate employee pay and deductions.
- Calculating pay: Payroll calculations in Australia are based on various factors, such as hours worked, rates of pay, leave entitlements, and superannuation contributions. Businesses need to ensure that they calculate pay accurately and in compliance with relevant laws and regulations.
- Withholding taxes: Employers in Australia are required to withhold income tax from employee pay and remit it to the Australian Taxation Office (ATO) on a regular basis. Employers may also be required to withhold other taxes, such as the Medicare Levy or the Temporary Budget Repair Levy.
- Superannuation contributions: Employers in Australia are required to contribute to their employees’ superannuation funds on a regular basis, based on a percentage of the employee’s earnings. Employers must also comply with other superannuation-related requirements, such as providing employees with a choice of superannuation funds and meeting minimum contribution levels.
- Record-keeping: Employers must maintain accurate records of payroll transactions, including employee pay and deductions, taxes withheld, and superannuation contributions. These records must be kept for a minimum of seven years and made available to the ATO on request.
- Reporting and compliance: Employers in Australia are required to report payroll information to the ATO on a regular basis, typically through the Single Touch Payroll (STP) system. Employers must also comply with other reporting and compliance requirements, such as providing payment summaries to employees and meeting Fair Work Act obligations.
Overall, payroll processing in Australia involves several complex and important steps to ensure that employees are paid accurately and in compliance with relevant laws and regulations. Businesses need to ensure that they have the necessary knowledge, resources, and systems in place to meet their payroll obligations.
The time it takes to process payroll can vary depending on various factors, such as the size of the business, the complexity of the payroll calculations, and the efficiency of the payroll process. However, in general, payroll processing should be completed in a timely and accurate manner to ensure that employees are paid on time and in compliance with relevant laws and regulations.
For small businesses with fewer employees and simple payroll calculations, payroll processing can typically be completed within a few hours or a day. This may involve tasks such as verifying employee timecards, calculating gross pay and deductions, withholding taxes, and making superannuation contributions.
For larger businesses with more complex payroll calculations and a larger number of employees, payroll processing may take several days or even a week. This may involve additional tasks such as reconciling bank accounts, generating reports, and submitting payroll data to regulatory bodies such as the ATO.
To ensure timely and accurate payroll processing, businesses should have efficient systems and processes in place, such as automated payroll software and time tracking systems. They should also ensure that their payroll team is adequately trained and that they have the necessary resources and support to meet their payroll obligations.
Overall, the time it takes to process payroll can vary depending on several factors, but it is important for businesses to prioritize timely and accurate payroll processing to ensure employee satisfaction and compliance with relevant laws and regulations.
Outsourcing payroll in Australia can be more cost-effective for some businesses than processing payroll in-house. Here are some factors to consider:
- Cost of payroll software: Businesses that process payroll in-house need to purchase and maintain payroll software, which can be expensive. Outsourcing payroll eliminates this cost, as the service provider typically uses their own payroll software.
- Time and resources: Processing payroll in-house can be time-consuming and requires staff with specific payroll knowledge and expertise. Outsourcing payroll frees up staff time and allows businesses to focus on their core activities.
- Compliance and regulatory requirements: Payroll processing in Australia is subject to a range of compliance and regulatory requirements, such as taxation, superannuation, and employment laws. Outsourcing payroll ensures compliance with these requirements and reduces the risk of costly penalties for non-compliance.
- Scalability: Outsourcing payroll allows businesses to easily scale their payroll needs up or down as their business grows or changes. This can be particularly beneficial for small and medium-sized businesses that may not have the resources to manage their payroll in-house.
- Expertise: Payroll service providers typically have a team of payroll experts who stay up-to-date with the latest payroll regulations and best practices. This expertise can be difficult and expensive for businesses to maintain in-house.
Overall, outsourcing payroll in Australia can be more cost-effective for some businesses than processing payroll in-house – especially if it is done by Westcourt. Businesses should carefully consider their payroll needs, including the size of their workforce, the complexity of their payroll calculations, and their compliance requirements, when deciding whether to outsource payroll.
