According to professional accounting firm Accountants Australia, when it comes to bookkeeping and accounting, it is extremely important to keep a clear record of any and all wages you have paid each financial year. If you are planning on employing people directly, you will need to set yourself for PAYG tax withholding. However, if you are planning on using self-employed contractors, then the process becomes a little easier.
What things do I need to set up before I can pay wages?
When it comes to setting yourself up to start paying wages, there are a number of things that you need to do. Failing to do any of these can lead to problems with the Australian Taxation Office (ATO) at the end of the financial year. Make sure that you do the following: