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News: Payroll experts warns Australian companies at serious risk (source: riskmanagementmagazine.com.au)

A large number of Australian companies are at risk by being non-compliant and not meeting statutory requirements. The news item is below:

According to the head of the peak payroll body, an alarming number of Australian companies are non-compliant and not meeting statutory requirements, putting employers at risk. This is compounded by companies using inefficient payroll practices, and having unqualified staff to manage what is a very complex process.

Australian Payroll Association (APA) managing director Tracy Angwin, sounded a warning to company directors, chief financial officers and HR managers over the urgent need for all businesses to come up to speed on their payroll obligations or risk serious consequences, including substantial penalties and brand damage. “The fact is that most businesses are not taking their payroll obligations as seriously as they should be, and are failing to leverage payroll as an asset of the organisation,” Angwin commented. “We can see that through payroll disasters, such as the rollout of Queensland Health’s flawed payroll system, which could ultimately cost taxpayers up to $1.2 billion, and the $20 million payroll fraud at retailer Clive Peeters.”
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