Payroll Management & compliance
We provide comprehensive accounting services to manage your complete payroll needs that your business demands.
MS Accountant help you in managing your corporate compliance, litigation, company permits, licensing, annual reports and other business regulatory perspective to maintain your compliance.
Worker Compensation
At MS Accounting, we understand that navigating worker compensation can be complex and stressful. Our expert team is here to simplify the process and ensure that your claims are handled efficiently. Worker compensation insurance provides crucial support if you’re injured on the job, covering medical expenses and lost wages while you recover. We are committed to helping you understand your rights and obligations, and to advocate for a fair settlement that meets your needs. Trust us to guide you through every step of the worker compensation process, so you can focus on your recovery with peace of mind.
Single Touch Payroll Reporting
Single Touch Payroll (STP) is a payroll reporting system introduced by the Australian government to streamline employee tax and superannuation information reporting.
Under STP, employers must report their employees’ salary and wages, PAYG withholding tax, and superannuation contributions directly to the Australian Taxation Office (ATO) each time they run their payroll.
The key points about Single Touch Payroll:
- Reporting: Employers report employee information electronically to the ATO through payroll software or a third-party service provider. The information includes salaries, wages, allowances, deductions, and superannuation contributions.
- Frequency: Employers report the payroll information to the ATO every time they process their payroll, usually on a weekly, fortnightly, or monthly basis.
- Employee access: Employees can access their year-to-date payroll information, such as gross wages, taxes withheld, and superannuation contributions, through their myGov account linked to the ATO.
- Superannuation reporting: Single Touch Payroll also streamlines the reporting of superannuation contributions. Employers report each employee’s superannuation amounts, salary, and wage information.
- Finalization declaration: At the end of the financial year, employers must make a finalisation declaration for each employee. This declaration indicates that all the necessary payroll information has been reported for the financial year.
- Compliance and penalties: STP helps improve compliance by providing the ATO real-time visibility into employer obligations. Penalties may be imposed for non-compliance or late reporting.
Year End payroll finalization
As the end of the fiscal year approaches, accurate and timely payroll finalization is essential for smooth business operations and compliance. At MS Accounting Services, we specialize in year-end payroll services to ensure that all wages, deductions, and taxes are precisely calculated and reported. Our team meticulously reviews and reconciles your payroll records, prepares necessary tax forms, and ensures compliance with all regulations to avoid penalties and discrepancies. We aim to streamline this critical process, allowing you to close out the year confidently and prepare for a successful new one. Let us handle the complexities of year-end payroll so you can focus on driving your business forward.