Talking Cents

Our small business accountant in Sydney talks about common payroll mistakes you should avoid

Payroll is one of the most important things for your business to get right, so what you need to ensure that you do is avoid these common payroll mistakes that our small business accountants in Sydney will tell you about.

As your reliable business accountant you won’t have to worry about payroll, but if you are doing it on your own, here are the mistakes you should be avoiding:

• Always check employee details for accuracy, you don’t to transfer someone the wrong money or not have the correct TFN
• Not doing annual pay reports for tax reasons will get you in serious trouble with the ATO, always make sure you make a report on the taxable income of your employees
• Not updating your system with the latest payroll changes, remember that tax rates change every year on the 1st July
• Missing payroll deadlines not only affects you and your business but also the employee
• The software that you choose is vital to the accuracy in payroll, be sure to choose the right one

Payroll is so simple to get it right, yet extremely easy for you to get it wrong as well. If you need any help our small business accountant in Zetland is here to assist you.

Feel free to get in contact with our small business accountants in Sydney with any enquires that you may have.