Question

Payroll practitioners should know payroll compliance legislation, payroll processes and payroll reporting in order to effectively perform their duties. Choose the one you feel is the most important and explain the rationale you used to make your choice.  

Answer 1

Ans- I consider payroll compliance legislation is most important as it is linked to goverment authorities.Payroll regulation get regularly changed and updated by authorities, in absence of proper knowledge creates confusion among business.

However, Payroll department not only handles wages, Bonus and salaries but also handles employee's incentives,sick leave & Hoilday, insurance, Pension and other benefit.There are specific tax laws and accounting rules as according to legislation for calculation. In case of non compliance of payroll rules and regulation may result in heavy fines, penalties or even prosecution to business.

So for smooth running of business payroll practitioners should have proper knowledge  about the payroll compliance legislation.