Payroll Software and People Management blog

Top tips for keeping up to date with payroll legislation changes.

Posted by Sage MicrOpay on Wed, Jan 23, 2013 @ 09:17 AM

Keep up to date with payroll legislationAustralia’s taxation system, due to the numerous legislative requirements that accompany it, is one of the most complex in the world. To ensure compliance, all businesses must keep abreast of the latest adjustments to laws that affect payroll and taxation.

Fortunately, help is at hand. There are many, freely available sources of information that can assist your payroll and HR staff in staying well informed and prepared when changes do occur.  

 

Choose a payroll software provider that supplies software updates when legislative changes occur.

Ideally, your payroll software solution provider should make the task of staying legislatively compliant much easier by providing regular, timely software updates when changes are made to laws that impact the payroll process. This is particularly important prior to the start of the new financial year when new regulations such as changes to tax rates, introduction or cessation of levies and adjustments to Modern Awards generally come into effect.

Software updates should be accompanied by release notes which provide an overview of the changes included in the update. These overviews are invaluable as they usually summarise not only the changes to your software but also the legislative changes addressed by the software update. Release notes are an excellent resource that payroll professionals can utilise to stay informed of changes.

Attend payroll seminars covering the latest payroll legislation.

Payroll seminars and industry conferences offer a great opportunity for payroll professionals to enhance their knowledge. Seminars may be focused on a specific area such as payroll procedure, legislative changes, or a combination of several topics. Regardless, these seminars are dedicated to educating payroll personnel on the latest regulatory changes, future directions, industry trends and other issues that have an impact on payroll processing.  Sessions are presented by experts in their field, giving your payroll staff the chance to gain valuable insight.

Attending seminars focused specifically on payroll legislation, particularly new or changed legislation, is an excellent way for your payroll staff to gain an understanding of the latest regulatory changes.

These seminars are presented by a number of organisations, including Sage MicrOpay. Not only do they provide your payroll personnel with the opportunity for development, they also allow your staff to meet, build relationships and exchange ideas with other professionals in the payroll industry.

Visit the Australian Taxation Office website.

The Australian Taxation Office (ATO) provides a wealth of easily accessible reference information that can help you stay informed about current taxation legislation. All of this information is freely available from the ATO website, www.ato.gov.au. From here, you can access many different, regularly updated resources, such as:

  • The ATO legal database, which contains legal and policy information.

  • Information about what to do if you make a mistake.

  • Tax calculators and other tools; and

  • Downloadable versions of ATO guides and forms.

Additionally, the ATO website features a great deal of useful information on topics of interest to payroll professionals, such as:

  • Record keeping requirements

  • Superannuation obligations for employers

  • Fringe benefits tax

and much, much more.

The ATO issue regular updates plus provide the option to subscribe to these updates either by email or RSS feed, ensuring you have the most recent information. The ATO also offers a range of free learning resources, including webinars, seminars and workshops.  

Join a payroll association.

Typically, one of the most important ways that a professional association supports its members is by making sure they are well informed. Membership of a payroll association allows payroll professionals access to a wide range of payroll-focused resources, for example, email newsletters or articles. To join, associations generally charge an annual fee but members then have full access to a wide range of useful material. Information about current legislation and compliance issues, as well as access to tools including calculators, checklists, best practice guides and whitepapers are just some of the benefits that can be conferred by membership.

Payroll associations regularly host educational conferences and industry events as well as offer training courses. The topics covered at conferences or in training are researched and targeted to the needs of payroll professionals in order to assist them in staying up to date with payroll legislation, process and technology. They also provide an excellent opportunity to learn from respected experts in the payroll industry and gain valuable insight on the latest reforms.

Visit your state revenue office website.

For information about payroll tax, a visit to your state revenue office’s website is a worthwhile exercise. In addition to useful resources like payroll tax calculators and current threshold figures, you can also access details of current payroll tax legislation and amendments. Similar to the ATO, most state revenue bodies offer free education resources, such as online learning, webinars and seminars.

State/Territory

Body

Website

Australian Capital Territory

ACT Revenue Office

http://www.revenue.act.gov.au

New South Wales

NSW Office of State Revenue

http://www.osr.nsw.gov.au

Northern Territory

Territory Revenue Office

http://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/

Queensland

Office of State Revenue

http://www.osr.qld.gov.au

South Australia

Revenue SA

http://www.revenuesa.sa.gov.au

Tasmania

State Revenue Office

http://www.sro.tas.gov.au

Victoria

State Revenue Office

http://www.sro.vic.gov.au

Western Australia

State Revenue

http://www.finance.wa.gov.au/cms/section.aspx?id=209

Find out how Sage MicrOpay can help you stay up to date with payroll legislation.

For further information on Sage MicrOpay’s software solutions and services, including our payroll legislation seminar series, please visit our website or contact us on:

1300 729 229
enquiries@micropay.com.au
www.sagemicropay.com.au

 

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Topics: legislation, payroll