2023 of the legislation businesses will need to have in place their compliance regimes by the end of this year,    

The Australian Government has passed the first tranche of the IR Legislation that will substantially impact business. The deadline for the implementation of the requirements and penalties is set the end of this year.

The bill requires urgent action for business to get their payroll compliance in order before the legislated date.

Criminal charges for knowingly allowing underpayments to be processed with substantial financial and, in some severe cases, criminal penalties of up to 10 years in jail are available to the courts for the payroll dept and their managers and directors.

 The policing of compliance has been delegated to the unions, which have been given unprecedented access to the business and their payroll records.

With the passing in December 2023 of the legislation businesses will need to have in place their compliance regimes by the end of this year.

You can watch the recording of the presentation by Paul O’Halloran of Dentons

https://www.dentons.com/en/insights/newsletters/2023/december/13/dentons-ir-insights-podcast-australia/year-in-review-and-2024-preview    

Inzenius is helping many businesses prepare their payroll process to comply.