What should be on a Payslip?
Most people would assume this is a no-brainer, but do you know what exactly should be on a payslip for your employees?
All employees should receive a payslip within one working day of receiving their pay, this should either be in printed or electronic version. In addition to payslips, employers must also record any leave taken by a worker and the balance of leave which they have not taken.
A payslip must include the following information:
- the amount of pay, both gross (before tax) and net (after tax).
- the date of receiving the pay.
- the pay period.
- any loadings, bonuses or penalty rate entitlements.
- superannuation contributions including the name of the super fund.
- the employer’s name and ABN if they have one; and
- the employee’s name.
If employees are paid at an hourly rate, the payslip should also contain the employee’s ordinary hourly rate and how many hours they worked at that rate. If an employee is paid an annual salary, the rate should be as on the last day of the pay period.
The Fair Work Ombudsman (FWO) may conduct inspections and fine employers for failing to meet the requirements for issuing correct payslips or keeping the right records.
Are you issuing the correct payslips?
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