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In the latest episode of Beyond the Numbers with Grant Thornton, Partner & National Head of Forensic Consulting Alex Bell and Management Consulting Partner Chris Wong talk through the importance of independent payroll remediation reviews.

Payroll remediation has become a hot topic in recent years with major issues continuing to be relevant for both small and large employers alike. Some of Australia’s most well-known brands have recently found themselves dealing with payroll issues – most often inadvertently.

This article is the fourth in a series where we discuss the stages of a payroll remediation project.

Payroll issue rectification is the process of fixing the root causes of the underpayments and implementing changes to prevent future errors or non-compliance.

As the Real Estate and Construction industry continues to face increasing costs, thin profit margins, heightened scrutiny and regulatory changes, the potential for fraud and corruption is higher than ever. What measures can your business put in place to best stay protected in the face of rising financial crime?

The Financial Accountability Regime (FAR) Bill 2023 marks a pivotal transformation in financial sector oversight, affecting all APRA regulated financial entities in the banking, insurance and superannuation industries as well as their significant related entities. Jointly administered by ASIC and APRA, the FAR will replace the Banking Executive Accountability Regime (BEAR), aiming to improve risk and governance cultures by imposing a strengthened responsibility and accountability framework for those financial institutions.

This week, the Australian Prudential Regulation Authority (APRA) finalised new requirements to Prudential Standard CPS 511 Remuneration, which will significantly impact authorised deposit-taking institutions (ADIs), insurers, and superannuation entities. This new standard requires APRA-regulated entities to publish details around their remuneration frameworks, design, governance, and outcomes. These changes come in an effort to create more transparency and improve risk management, in particular in the context of the poorly designed and executed remuneration frameworks exposed through the financial services Royal Commission.

This article is the second in a series where we discuss the stages of a payroll remediation project.

Recently, the ATO has enforced the use of Single Touch Payroll (STP) and Superstream as their electronical tools to collect both tax and superannuation data from businesses and superannuation funds.

With so much media coverage and laws focused on paying your people correctly, businesses today are more aware about the potential to have payroll issues.

There have now been some developments in how medical practice entities are affected by Payroll Tax, which is expected to have a long-term – and backdated – impact on providers.

As of 1 July 2021 it is now a criminal offence for Victorian employers to deliberately underpay employees or dishonestly withhold their entitlements.