- April 6, 2015
- Posted by: admin
- Category: Small Business Accounting, Superannuation
Many businessmen often think that the only consideration they need to contend with when hiring their staff is the budget allocation for monthly payroll. However, with the help of your Melbourne accountant or small accounting firm Melbourne, you will need to comply with the necessary requirements.
As an employer, you will need to lodge a Tax File Number Declaration Form as well as a Withholding Declaration. These forms should be completed by your employees and submitted to you so you can also complete the employer section. You can then ask your Melbourne accountant or small accounting firm Melbourne to remit the original copies of the forms to ATO.
Keep in mind that as an employer, you have the obligation to withhold pay as you go tax from the wages of your employees as well as remit the withholding to ATO. This can be handled by your Melbourne accountant or small accounting firm Melbourne either monthly or on quarterly basis.
Employees also have an option to complete the Standard Superannuation Choice Form, which will allow them to nominate which Superannuation fund you as an employer should pay into. All employers with employees above 18 years old are required by law to pay the superannuation on their behalf or else pay the $450 or more in gross salary every month. If you are not quite sure how to go about this, it is best to seek the expertise of a reliable Melbourne accountant or small accounting firm Melbourne.