If you employ labour, then the law requires certain records to be maintained relating to:
agreed rate of pay to be paid to the employee
hours worked
authorised deductions
income tax withheld
A system of withholding income tax commenced from 1st July 2000. This introduced a number of changes including replacement of group certificates by payment summaries and group tax deductions by withholding tax withheld.
The paper analyses payroll records under a number of headings including:
Legal Requirements
Awards/Enterprise Agreements
Maintenance Of Records
Payment Of Amount Withheld From Wages
Payment Summaries
Employee’s Records
Employee’s Pay Records
Pay Advice Slip
Withholding Tax Deduction
