Business that is operated as the company needs to lodge a company tax return, your records must contain all the information so that you will be able to accurately calculate the amount to be paid in a tax return. You can review your tax return and also can ask for copies to check the information provided. To complete the tax return you need to keep the records for 5years when you prepared the records of the completed transactions.
Payroll means to pay your employees the right amount at the right time and every time make accurate deductions from their pay. The Payroll tax is calculated on the total wages you paid each month. Not all business needs to pay the payroll tax, you need to pay the tax if you total Australian wages are over the tax-free threshold for the relevant state or territory.
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Superannuation is the amount you paid to the workers for their retirements. It applies to all employees part-time, full time and casual workers. Some contractors are also eligible for super funds. You need to keep records for payments that you offer superannuation to employees.
Currently super is 9.5% of employees-based earning. If you will not pay super on time then you will have a pay super guarantee charge. Employees can choose their own funds.