Superannuation can be managed with payroll software
Part of an HR manager, business owner or directors job may be managing payroll - and within that, superannuation, tax and other aspects of employee salary.
While generally this is a relatively straightforward role, sometimes problems can arise if you do not have the appropriate systems in place to accurately calculate the different superannuation and tax rates.
Investing in modern, scalable payroll software
may help managing salary processes easier and provide you with a detailed electronic record of all your payments.
It also provides a way to manage superannuation electronically - which is especially convenient if staff change their super preferences.
The federal government recently emphasised the importance of staying on top of payroll by updating legislation - company directors will now be held personally liable if they withhold payments.
"This legislation makes it clear that directors have an obligation to ensure that provision is made for the ongoing payment of workers' superannuation," assistant treasurer David Bradbury said on April 19.
The new legislation may come across as scaremongering, but Mr Bradbury said that the government it is simply trying to protect workers from any "fraudulent directors".
"The measure strikes the appropriate balance between protecting workers' entitlements while not discouraging people from becoming company directors," he said.
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