Audit season is here, and for many businesses, it’s a time to focus solely on financial statements and numbers. But for directors, payroll or human resources teams, it’s the perfect time to also review your company’s wage and employment compliance. Overlooking this area can lead to costly penalties, damaged reputations, and personal liability.
We break down some of the key deadlines businesses need to be wary of on top of their auditing requirements.
July 1, 2025 – Wage adjustments take effect
With the Fair Work Commission’s annual wage adjustments taking effect July 1, 2025, and regulators like the Fair Work Ombudsman and ATO increasing their scrutiny, you should be auditing your payroll processes to ensure they’re compliant with the changes. Confirming correct employee classifications, accurate pay rates, and proper record-keeping can protect your business from hidden risks.
Vertruen recently made headlines discussing the July 1 changes. For more information, read the article here
July 14, 2025 – End-of-year finalisation through Single Touch Payroll (STP)
Annual salary reconciliations after the financial year confirm whether employees have received all their entitlements. This declaration confirms that all payroll information for the financial year is complete and accurate, allowing employees to access their income statements through myGov to complete their tax returns. If errors are found here, it can quickly escalate into compliance breaches and expensive back payments. The STP finalisation deadlines should prompt a thorough review of year-to-date payroll data, so any discrepancies can be caught early.
Have you missed these deadlines? Get in touch to ensure your finances and compliance are accurate this audit season.
While the focus during audit season is on profits and overall finances, a proactive compliance check during this time can help mitigate risk and demonstrate good governance.
At Vertruen, we guide businesses through this complex compliance landscape, identifying vulnerabilities before regulators do. Don’t let payroll errors undo your financial success this audit season – use this opportunity to get your workplace compliance in order.
