Keep Precise Payroll Records

If you’re an employer, you’re not only obliged to pay your employees a regular wage or salary for the work they do in your business, but you have an obligation to keep accurate and timely payroll records.

To help you get started, we’ve put together a New employee starter kit that contains all the forms you need whenever a new team member comes on board.

Record keeping isn't just good business practice, it's a legal requirement.

Some of the payroll records you're obliged to keep for your employees include:

  • start and end date of employment or contract end date
  • what agreement covers their employment, for example award, workplace agreement or contract
  • start and finish times of overtime hours worked for employees entitled to overtime penalty rates or loadings
  • leave accruals, such as annual, personal, compassionate paid & unpaid leave
  • superannuation fund and contribution details.

Remember, you need to keep written records about your employees for seven years. Your payroll records must be legible, easy to understand and readily accessible to a Fair Work Inspector.

But the good news is that having accurate payroll records not only ensures you pay your workers correctly and meet your compliance obligations, it also provides useful information to help you forecast future costs.

Click here to find out how our payroll set up and processing expertise can provide peace of mind – and save you time and money!

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What We Do

Essential Office Solutions provides a range of cost-effective professional bookkeeping services that are designed to save you time and money and help you meet your compliance obligations.

We are based in Mentone, but we service all the surrounding Bayside and south eastern suburbs including Sandringham, Mordialloc, Brighton, Hampton and Moorabbin. We also have clients in Prahran, Caulfield, South Yarra and the inner city.