One of the biggest traps that business owners fall into when it comes to award and payroll compliance is having a ‘set and forget’ mindset.
Unfortunately, this approach can be heavily detrimental and lead to underpayments, missed entitlements and more – which can result in fines, largescale back paying, reputational damage or in serious cases, imprisonment.
The best defence against ignorance, especially in areas like Fair Work Awards and payroll compliance, is implementing reliable systems and regular reviews with an auditing company you can trust.
Vertruen’s continuous compliance service gives you the confidence to operate business as usual, without the stress of worrying about changes in employment laws, modern awards, minimum wage rates, penalty rates, and superannuation obligations that may result in non-compliance if you’re not kept informed.
Did you know?
The Fair Work Commission reviews the National Minimum Wage and minimum rates of pay in modern awards to determine whether they need to be increased or not. This audit occurs between March and June each year, with changes typically coming into effect annually on 1 July.
It’s critical for businesses to stay on top of these changes to ensure that wages and entitlements are compliant across the entirety of their workforce. Additionally, businesses must check on the anniversary of each employee’s start date to ensure they are being paid the correct wages and receiving the right entitlements as per the award.
It’s not only awards that change frequently – your workforce is ever evolving too. From promotions to long service leave entitlements, changes in contracts, new hires and much more, it’s easy to see why a ‘set and forget’ approach simply will not work when it comes to compliance.
How Vertruen helps businesses like yours remain compliant, all year round
Vertruen uses a proprietary data solution at a frequency that suits your business and analyses your payroll and time and attendance data to look for any red flags. We then provide you with a robust yet easy-to-read report highlighting whether everything’s on track or if potential issues have been identified.
By offering practical, ongoing support on a basis that suits your business needs, we can help you meet your obligations with confidence by ensuring your business continues to adhere to minimum wage laws, penalty rates and allowances outlined in awards.
Still not convinced that your compliance needs regular attention? Think again.
The Fair Work Ombudsman expects businesses to proactively ensure compliance. If you’re audited and haven’t been regularly checking your obligations, ignorance won’t be a defence.
If you are caught underpaying staff or not giving them the correct entitlements, you could face fines, depending on the seriousness of the contravention.
You will also be required to backpay employees for any underpaid wages, penalties, and superannuation.
The Fair Work Ombudsman publishes information about businesses breaching workplace laws, which can result in reputational damage.
Any wrongdoing may also prompt the Fair Work Ombudsman to conduct further audits or investigations, leading to penalties and enforceable undertakings to improve compliance practices.
