For employees who are not eligible to choose their fund, keep records of the following: Requirements for keeping records of ancillary benefits are included on the perquisite income tax return. You must keep records of duties (stamp duty), payroll tax, betting tax and property tax for 5 years unless otherwise specified by the Queensland Revenue Office. Since there are salary thresholds before taxation, it is important that you have records indicating that you are below these thresholds if you do not pay payroll tax because you are below these thresholds. If you are subject to payroll tax, you will need to keep records of how you calculated, how much payroll tax you paid each month, and when you filed your annual payroll tax return. Most importantly, you need to keep records of the types of payments you levied on payroll taxes and those you didn`t. For example, “What documents do you have showing why you excluded contractor payments from payroll tax under the contractor rules?” is a question tax authorities like to ask during an audit. Managing your business and tax obligations is an integral part of your business, especially if you have employees. Your company`s tax requirements vary depending on the type of business you operate, the number of employees you have, and the legal structure of your business. Taxes are a complex area. Outsourcing your tax to a professional or hiring an experienced accountant can help you avoid legal and financial problems. You must keep the following information and records to support the pay-as-you-go amounts you include in the “Withholding Tax” section of your BAS. You must keep records of your pay-as-you-go (PAYG) rates and pay-as-you-go transactions. For all payments that you have excluded from pay-as-you-go hold, you will need records to explain why.
If you are performing pay-as-you-go calculations for specific payments, such as severance pay or employee bonuses, you will need documentation showing why you withheld the pay-as-you-go amount amount. Most importantly, the records show why you believed that all benefits for which you did not pay perquisite tax were exempt. You must keep records long enough to cover the revision period (also known as the modification period) for an evaluation that uses the information in the dataset. You need to keep records that adequately explain your super transactions to your employees. Even if you use a clearing house to distribute super to your employees` funds, you are still responsible for keeping adequate records of super guarantee payments. If you make super contributions under an arbitration award or employment contract, this may impose additional record-keeping requirements, so check your premium or relevant regulations. So let`s look at some general rules for record keeping, and then look at what you need to keep for each type of “payroll tax.” Finally, the records must be available. The ATO and state and territorial tax authorities have the power to ask you to provide information, to compel you to visit the places with the records, and the power to visit your website to obtain the information. The police need a search warrant to enter your premises to get information, but the ATO and tax authorities don`t! Benefit tax is directly linked to all salaries and, therefore, you must keep records of these agreements with employees to ensure that the employee`s salary is reduced by the cost of providing the service, including the tax payable for benefits. As an employer, you have four main record-keeping obligations to your employees: Super fund selection records must be retained for five years from the date of employee engagement or when an employee`s choice of funds is offered, selected or modified.
Any employer covered by the Fair Labour Standards Act (FLSA) must keep certain records for each insured and non-exempt employee. There is no form required for files, but files must contain accurate information about the employee and data on hours worked and wages earned. Below is a breakdown of the basic records an employer must keep: It`s important to get each “payroll tax” correctly. But without the right records, you can`t show that you did things right when your friendly tax officer comes to you.