Payroll has never been more complicated—or more important. A recent report revealed that only 43% of Australian businesses employ dedicated payroll professionals, while 36% cite lack of automation as a leading cause of errors. Add in new legislation around wage theft, rising superannuation rates, and STP Phase 2 reporting, and you’ve got a perfect storm of compliance pressure.
Why Does this Matter Now?
- Skills shortages: With fewer trained payroll professionals in the market, businesses are stretched thin trying to keep up with legislation. Errors are inevitable.
- Automation gaps: Many businesses still rely on outdated processes, leaving them vulnerable to errors and inefficiencies.
- Rising penalties: New laws have raised the stakes, with wage underpayment now a criminal offence in some states.
The Impact on SMEs:
For small-to-mid businesses, payroll mistakes can mean more than fines. They damage staff trust, drain leadership time, and create ongoing compliance headaches. When every dollar and every hour count, payroll becomes both a financial and cultural risk.
The Solution?
- Invest in smarter systems that automate compliance checks.
- Engage experts who stay on top of legislative changes.
- Conduct regular payroll health checks to identify risks early.
At iKeep, we specialise in taking this burden off business owners. With fixed-fee payroll packages, we provide certainty, compliance, and peace of mind—freeing leaders to focus on growth, not red tape.
The Takeaway
Payroll isn’t just an administrative task. It’s a strategic risk area that demands expertise and oversight. Get it right, and you’ll not only avoid penalties—you’ll build a culture of trust and stability that drives long-term success.
