Hello gang.
I have a new employee (The first ever) starting in a couple of weeks.
I'm clueless when it comes to wage slips, any pointers would be great.
1/What info should be on the wage slips
2/Can i get another company to print the wage slips
Thank you in advance
The link shows a lot of good info, thank you.
Your name.
Hours worked.
Gross/Net pay.
YTD payment.
Super.
etc etc
Why do you want a 3rd party to generate your payslips? Generally no if your employer hasn't an outside payroll
What is Year to date? Amount paid to employee from this employer to employee from start of financial year so now would be July 1 2017 till now?
Or total earnings of employee from July 1 from all sources including not from this employer (say the employee has had multiple jobs since this job in this financial year).
Of course just for one employer. Employer wouldn't have data about other sources. YTD is just a convenience to keep track since it can be derived by adding up all slips up till now.
Ok just checking, I know how silly it sounded but sometimes these tax and income laws can be pretty messy and tricky.. especially when dealing with investments and other stuff oh God.
Because I have no clue where to start, hence the post here. When to say etc etc, what other things do I need to include?
Do you have an accountant or bookkeeper? You will need to issue PAYG Summary at end of FY so speak to your TAX accountant.
The wage slips will be for my employee. First time I've had to do this.
Depends but could include name, company ID, time worked, pay rate, pay, pay year to date, tax deducted, tax YTD, super contribution, super YTD. Maybe other things like overtime, allowances and deductions.
Huh? Sometimes the payroll is done by a third party is that what you are thinking? That would be costly for only one employee.
Perhaps I could outsource the payroll for a few weeks until I'm capable of doing it myself. So yes, a third party generating wage slips is what I'm after, cheers.
Wouldn't something like MYOB have payroll functionality?
1/ their wage
2/ yes
here is a google search for wageslips
if includes links to the Fair Work ombudsman, templates for payslips, etc.
I only had to type that in to google and all these results came up. amazing.
Thank you Altomic. +1 for the link and +1 for endorsing private companies.
get Xero, for less than 10 employees there is usually a big discount and it may meet all you accounting needs with respect to payroll etc.
Per above comments let Xero, myob or quick books generate these for you to ensure compliance. If your at the point in your business that your employing someone it’s probably time to upgrade from the old excel spreadsheet. As a new employer be sure to register with Workcover, as an employer with your workers super firm etc.
What is the annual cost for workcover for one employee?
Depends on the industry and salary, it's similar to an insurance policy
Ignore all the people that make you sound like an idiot for asking an honest question. It is complicated and the rules do change. I bet the majority of people in Australia are so clueless that they wouldn't know if there was a mistake on their own payslip.
Your actual starting point when running a business in Australia should always be business.gov.au. This is the section on employing people (including the useful checklist) but it's worth knowing about the rest. It will list all the things you should worry about now so that the FWO and ATO won't make your life a living hell later.
The FWO and ATO have their own free online courses and checklists (e.g. https://www.ato.gov.au/Business/Your-workers/Hiring-workers-…) that you'll eventually be linked to, but they're not good starting points as they're overly focused on themselves rather than the bigger picture (you undoubtedly want to know about workplace insurance and the rest as well).
Stay on your toes too since reporting requirements are subject to change. From the 1st of July 2019, Single Touch Payroll (STP) might even become mandatory for companies with less than 20 employees (subject to legislation passing in parliament). There is one payroll solution I've heard of (but never used) that supports STP and is free for up to 2 employees (https://www.freepay.com.au/) but in a year's time a lot of under-prepared small businesses will be dealing with the same issue.
Nobody is trying to make OP sound like an idiot from my perspective, but +1 for the useful links
Ignore all the people that make you sound like an idiot
I don't know how you got that impression, everyone has been pretty helpful.
I know software like MYOB automatically generates for you, but that is only useful if you've been using it for everything else as well.
Xero, much better & heaps cheaper than Myob!
what sort of business are you running?
is this your first paid employee?
have you ever received a payslip from previous employment? as that may give you an idea
It's the first employee, unfortunately I haven't kept any old slips.
https://www.fairwork.gov.au/find-help-for/small-business#get…
Knock yourself out.
And make SURE you have Workers Compensation insurance before your employee starts
Thanks Natt
Do you use any accounting packages? grab a trial and generate a couple of payslips to test out
else just plop the template in excel and copy paste it throughout (and just use a formula to keep a running total for YTD amounts)
Don’t waste your profits on subscription apps to keep track of one employee. Aoo and pdf will do the job.
So basically open up a blank PDF and just type out the wage slip and print?
use calc from the aoo suite. the user may then export the ods to pdf. the pdf can be uploaded to dropbox, viber, email. calc can also send the worksheet directly as an email or email as (ods, xls, pdf).
Use Fair work website. So much information for employers and employees.
There's a section on what you should include on a payslip.
https://www.fairwork.gov.au/pay/pay-slips-and-record-keeping
https://www.fairwork.gov.au/pay/pay-slips-and-record-keeping…
Doesn't have to be fancy - as long as you keep records of each pay slip.
An excel spreadsheet could even be used, however you may find that whatever accounting software you use can create payslips.