Employers are required to provide employees with a payslip within one day of the end of the previous pay cycle. If you fail to meet your payslip and record keeping requirements, you may face a fine of up to $510 per contravention for individuals and $2550 per contravention for a body corporate.
If you wish to begin using an electronic payslip system then there are several compliance issues that you should be aware of:
• Electronic payslips are required to contain all of the same information as a paper payslip
• The payslips must be issued to each employee confidentially. For example via email or some form of online account
• The electronic payslips must be easily accessible from outside the workplace and be in an easily printable format
Additional advantages of electronic payslips include a reduction in paper consumption, the ability for employees to review their payslip history easily, and instant remote access to payroll information.
Our business advisors are at hand to answer any questions you may have regarding electronic payslips and other business matters.
Call (02) 4926 2300 or email us.
If you wish to discuss electronic payslips further, please do not hesitate to contact the team at Leenane Templeton.