HOW TO SET UP A PAYROLL SYSTEM FOR YOUR SMALL BUSINESS?

Hello,

As an employer who started his business recently, I was extremely confused about the payroll system in Victoria. I hired a bookkeeper to help me set up the payroll for my employees and contractual workers. The bookkeeper told me that we needed to gather all the information about the employees and get their TFN along with bank account details. We then calculated their wages, super and other allowances including leave entitlements and benefits. The next step was deciding the pay period and creating the payslips. He also informed me about Single Touch Payroll and payroll taxes. It is quite confusing. So, here is an article that will help you understand this well.

https://www.agibookkeeping.com.au/how-to-set-up-a-payroll-system-for-your-small-business/