This paper circulates around the core theme of 1 Establish procedures for management of payroll 1.1 Establish procedures that ensure the confidentiality and security of payroll information together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 79. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Finance – Financial Management
Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1 Establish procedures for management of payroll
1.1 Establish procedures that ensure the confidentiality and security of payroll information
1.2 Ensure procedures guarantee substantiation of claims for allowances
1.3 Establish control measures to safeguard organisation’s financial resources in accordance with legislative and organisational requirements
1.4 Establish systems to ensure statutory obligations are met and records are kept for the period determined by government legislation
2 Prepare payroll data
2.1 Use nominated industrial awards, contracts and government legislation to calculate gross pay and annual salaries
2.2 Calculate statutory and voluntary deductions using government and employee documentation
2.3 Provide payroll data to payroll processor for calculation within designated timelines
3 Authorise payment of salaries
3.1 Check payroll, and authorise salaries and wages for payment in accordance with organisational policy and procedures
3.2 Reconcile salaries, wages and deductions in accordance with organisational policy and procedures
3.3 Deal with salary, wage and related enquiries in accordance with organisational policy and procedures
4 Administer salary records
4.1 Process declaration forms for new and existing employees in accordance with Australian Taxation Office requirements
4.2 Forward periodic deductions to nominated creditors within designated timelines
4.3 Prepare and dispatch payments to government authorities accurately and in accordance with relevant government legislation
4.4 Calculate and transcribe group tax amounts and make payments in accordance with taxation procedures
4.5 Prepare and reconcile employee group certificate amounts from salary records