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Are you still managing your farm’s payroll through manual methods such as paper or spreadsheets? If so, it’s important to be aware that both the Fair Work Ombudsman (FWO) and the Australian Taxation Office (ATO) are closely scrutinising agribusiness payroll records this financial year.
To avoid potential issues, penalties, and an ATO audit, consider transitioning to digital payroll software. This can save you time and money and make record-keeping a much easier process.
Due to time constraints, farmers often rely on paper-based employee records that can be challenging to maintain accurately. As a result, many agribusiness payroll records tend to be incomplete or inaccurate.
The ATO and Fair Work Ombudsman have been focusing on farms and agribusinesses with employees. This has resulted in increased scrutiny of payroll practices in the industry, which could lead to many under the microscope of an ATO audit.
Business owners can find it difficult to keep up with the regular updates to Australian payroll laws and modern awards. This is true for many types of businesses, not just farmers or primary producers. It is worth noting this difficulty. With all these challenges, it’s essential to explore digital solutions that can save time, money and ensure accurate record-keeping.
To make payroll compliance and record-keeping easier, there are many digital solutions available. These range from simple, low-cost options to sophisticated human resource management apps. By using a digital payroll app, staying up-to-date with the changing rules can be much easier.
However, reliable internet access can be a problem in regional areas. But with a digital payroll solution that can be used on a computer or mobile phone, the administrative workload of maintaining payroll can be dramatically reduced.
Using a digital payroll system offers numerous advantages, including:
- Connecting entitlements, conditions, pay rates, and categories to each employee from an award or enterprise agreement.
- Streamlining the approval process for timesheets and leave requests.
- Flagging exceptions such as employees forgetting to enter an end time or skipping a lunch break.
- Setting piece rates and allowances for each employee.
- Integrating Single Touch Payroll (STP) filing with the ATO. Using a paper or spreadsheet system requires a separate digital system for STP reporting.
- Ensuring secure and private records that are backed up online and protected from natural disasters.
- Providing detailed costing for each shift or work week, allowing for cost-effective planning of wages, taxes, and super.
- Automatically storing records for the required seven years.
- Giving employees access to payslips and employee information with the ability to request leave via their phone.
- Fully integrating superannuation calculation and payments into the system.
Looking to upgrade your payroll systems for your farm or agribusiness? Let us assist you in finding the best digital solution that fits your needs. Say goodbye to tedious paper and spreadsheet management and hello to more streamlined and efficient processes. Contact us today for more information.
Condon Noller’s Tax Audit Retainer
Condon Noller has exciting news for its loyal clients! We have a new retainer offering a valuable service package worth $20,000 to assist with ATO tax audits related to forms we have prepared and lodged on your behalf.
Although many ATO audits are random and not caused by taxpayer error, the process can still be costly and time-consuming. Responding with the required level of detail and securing a positive outcome can be challenging, often requiring more time and effort than preparing the original form.
This is why we offer this retainer, which is not an insurance policy but a personalised alternative to tax audit insurance, exclusively available to our current clients. Opting into the retainer is purely voluntary, and participation is not obligated or expected.
If you are an existing client and we have prepared and lodged on your behalf, contact us to learn more about this amazing opportunity!