Frequently Asked Questions

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Home / Business Services / PAYG & Super Lodgements

PAYG Withholding & Super Lodgements

Super Lodgements & PAYG Accounting Services

Managing PAYG & Super Lodgements is a critical responsibility for any business with employees. While the concept of Pay as You Go (PAYG) and superannuation lodgements may seem straightforward, the actual calculation and payment process can be quite intricate and time-consuming, particularly for businesses lacking advanced automated systems.

Understanding the nuances of employment taxes is essential, especially when you’re in the process of hiring new staff or planning to expand your team. PAYG & Super Lodgements aren’t just mandatory compliance tasks; they play a significant role in maintaining employee satisfaction and ensuring legal compliance.

For PAYG, as an employer, you are required to withhold a portion of your employees’ wages for income tax purposes and remit these withholdings to the Australian Taxation Office (ATO). This process needs careful attention to detail to ensure accuracy in withholdings based on each employee’s earnings and tax bracket.

Similarly, superannuation lodgements involve contributing to your employees’ super funds. These contributions, a percentage of the employees’ ordinary time earnings, are vital for their retirement savings. Staying updated with the current superannuation rates and any legislative changes is crucial for accurate and timely lodgements.

Inaccuracies or delays in PAYG & Super Lodgements can lead to penalties and interest charges, not to mention the potential damage to your business reputation. Therefore, it’s important to have a reliable system or a trusted partner to manage these responsibilities efficiently.

At our firm, we specialize in managing PAYG & Super Lodgements for businesses of all sizes. Our team keeps abreast of the latest tax laws and superannuation requirements, ensuring your business remains compliant. We provide tailored solutions to streamline your PAYG and super processes, reducing the administrative burden and allowing you to focus more on growing your business.

Furthermore, our advisory services include helping you understand how PAYG and super contributions fit into your overall business finances and payroll strategy. By choosing our expert services for your PAYG & Super Lodgements, you can ensure these critical aspects of your business are handled accurately and efficiently, giving you peace of mind and more time to focus on your core business operations.

Pay as You Go (PAYG)

PAYG business accounting is a legal requirement for all businesses. It involves withholding amounts from payments to employees, contractors (if they have agreed to it), and businesses or individuals without an Australian Business Number (ABN).

If you’re a new employer you’ll need to register for PAYG withholding, withhold the correct amounts where needed, and make payments to the ATO when required. You’ll need to report on your PAYG payments in your BAS reports and you’ll also need to provide annual PAYG reports to your employees.

Super Lodgements

When it comes to super lodgements, Businesses first need to withhold the compulsory amount of superannuation from their employees’ ordinary time earnings (OTE), which is the salary an employee earns for their ordinary work – not including overtime.

Employers are then required to make contributions to their employee’s superannuation funds at least on a quarterly basis. Failure to do so can mean the business is charged penalties by the ATO.

Why Seek Assistance with Your Employment Taxes?

As you can see, PAYG accounting and super lodgements can be complicated, and failure to complete them correctly and on time can result in penalties. Not to mention, it can be a huge headache! There have also been several high-profile cases in recent years where large Australian companies have failed to pay the correct level of superannuation for employees, causing embarrassment and reputational damage. For a business just finding its feet, a situation like this could have disastrous consequences.

Employment taxes can also get tricky when you’re making payments overseas or hiring overseas employees or contractors. It makes sense to outsource these services or (at the very least) find software solutions which can streamline the process.

We can implement software solutions tailored specifically for your business, that incorporate your unique needs and any industry-specific requirements.

We also offer end-to-end payroll services, which incorporate the calculation of PAYG withholding and superannuation. But your responsibilities as a business don’t end there. You still need to calculate your PAYG and pay superannuation for your employees on at least a quarterly basis.

Most of our clients bundle their employee tax services along with our other business services, such as bookkeeping, BAS, reporting, and business advisory services.

Discover more of our business accounting services here.

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What Our Clients Say

Chris and the team have offered constant and ongoing advice and support as we’ve faced the challenges of a fast-growing business. QC Accountants have been able to keep up with us and guide us each step of the way. QC’s highly experienced and friendly staff have a deep understanding of our business’s unique needs and are an absolute pleasure to work with. I’d recommend QC to anyone as they’ve always been there offering excellent support whenever needed.

When purchasing our business Chris from QC Accountants provided a comprehensive due diligence report and this report was crucial in understanding the business we were purchasing. We then used this information to negotiate the purchase price. He also assisted with providing documentation to the bank to help secure our business loan. The past 18 months during COVID have been challenging, Chris’s ongoing support, help and advice has been priceless during this difficult period. QC Accountants took the stress away when applying for Job Keeper, cash-flow boost and Government grants. AC Fitouts is extremely happy with Chris and the team at QC Accountants. They are wonderful to work with and I would highly recommend their services. They are professional, knowledgeable, reliable and friendly.

QC Accountants has been of great assistance to my business in setting up and implementing an efficient accounting system which has permitted strategic decision making surrounding marketing, service expansion and investments. They have great communication, a friendly and down to earth team, and are transparent and always willing to assist or provide advice when needed. QC has an array of services which were tailored to our individual business needs, not to mention competitive pricing.

QC Accountants have been instrumental in the growth and streamlining of my business. They have assisted me with tax grants that I would have otherwise not known about or been unable to complete alone. The team at QCA are very responsive, friendly and patient. If I have a problem or question, they are onto it right away. I would recommend them to everyone because they are an honest and local business that you can trust.

QC Accountants were a shoulder to lean on in our early days, helping and guiding our business to meet all our regulatory and financial obligations. They kept their steady hand on the tiller, playing the role of Chief Financial Officer, from financial modelling, budgeting, bookkeeping, financial accounts preparation, board management accounts, liaising with our auditors - nothing was too much. This allowed us to focus on growing our business with their financial input which was invaluable! Their accessibility, their willingness to listen to our particular needs and coming up with a solution is first class. For any business out there that doesn't have the ability to have a dedicated Financial Director then appoint QC Accountants. They will get the job done and give you back the time to focus on what is important to you and your business.

QC Accountants have been a great foundation of knowledge and support for us as new business owners. I'm able to call or email anytime with the same day turnaround and there is always someone on hand to help navigate any issues within the business. There is never a problem too big or small! I would recommend QC Accountants because they are relatable, reliable and efficient. As a new business owner learning the ropes, it is really nice to be able to call and have someone teach me the process in how they solved an issue so I can learn along the way. I've always felt like there are no silly questions and we are all part of a team.