Tradie Bookkeeping Specialists are here to assist you with all your payroll needs. We can ensure that your accounting software is setup in such a way that compliance is trouble free. Let’s assume that you are now hiring. How do you go about setting up your employees in your accounting software system? How does one process a payroll? What happens with Superannuation, Work Cover? What is a payment summary and what on earth is an end of year rollover? How does one report on employee entitlements including sick leave, holiday leave and accruals. There are many compliance requirements that must be met when hiring staff or contractors and whilst the Fair Work Ombudsman provides some useful information for small businesses, the challenge is to get it right and stay up to date. Simple compliance begins with sound record keeping and knowledge of which awards and rates your employees fall under.
Do you bring contractors into your work system? Contractors may require certain obligations that you might not be fully aware of. As a rule of thumb, contractors generally take care of their own tax obligations but sometimes this is not the case. For example if a contractor does not provide you with their ABN you will need to withhold tax from their payments.Superannuation is another minefield to be aware of. Don’t get caught out and suddenly discover that you should have been paying Superannuation to a contractor because they don’t, in fact, have an ABN.
Whilst you are out there in the field working hard to grow your business do you have the time to spend sifting through the payroll minefield? Do you know all your obligations to an employee, apprentice or contractor? How much pressure would be taken from your daily load if you had someone you could trust taking care of these details? How much time would this save you and how cost effective would it be for you to pass your payroll setup and compliance over to an expert?
Tradie Bookkeeping Specialists have spent many years in the Trade Industry and we are very familiar with compliance requirements and able to advise you if your people are operating under the correct award or contract conditions.
Components of payroll include salaries, wages, bonuses or commissions, payroll taxes and costs such as social security and medicare, Worker’s compensation insurance and benefits. Some benefits you might need to pay are holidays, sick days, parental leave or bereavement leave. Superannuation! Should you pay your employees weekly or fortnightly? Which method will work best for your company? Which method works best within your cash flow analysis? How do you pay your contractors? A contractor is not a member of your payroll, treated more as a supplier who invoices you and should be distinguished as separate from your employees. Contractors are also not subject to the same employment laws as they are classified as self employed. What do your workers fall under one category or the other? Which is best for your business.
Ask yourself: is your worker required to follow specific instructions? Is there a set amount of hours and days that that person is required each week? Is your worker trained by you to perform tasks? How long does or will this working relationship continue for? Can you assign additional projects to your worker? Can your worker hire assistants and is there a written contract between you and your worker which highlights their rights and responsibilities? Your answers to these questions may define exactly what category/s your workers fall under.
We can alleviate the stress of your payroll and contractors whilst you take care of your projects. It is cost effective. Time to streamline?