SPS News

Timesheet fraud involves paying employees incorrectly for the hours they work. In some cases we have found base hours in payroll are set for 72 but they actually work 70. Falsifying wages is when an employee falsifies wages of another employee. Commission fraud is when an employee inflates sales to collect higher commissions. This happens when wages is partially or fully based on commissions or bonuses. PAYROLL AUDITS DETECT AND PREVENT PAYROLL FRAUD

Straight line depreciation is a common method of matching a plant asset’s cost to the accounting periods in which it’s in service is likely to be straight line depreciation. The total amount of depreciation over the years of the asset’s useful life will be the asset’s cost minus any expected or assumed salvage value. The formulas used for straight-line depreciation are; Depreciation per annum = (cost – residual value) / useful life. Depreciation per annum = (cost – residual value) x rate of depreciation. The rate of depreciation can be calculated by: (1/useful life) x 100%. Example: an asset having a useful life of 8 year is 12.5% p.a   

Why does this keep happening? It’s because Australia’s Award system is incredibly complex. Australia depends on a few factors including age, education, time of day, day of the week, location, individual responsibilities, time between shifts, temperature and even the specific tools employees use. Award legislation and compliance is very complicated to interpret. It’s even difficult for big businesses with unlimited resources to navigate let alone a small business. It also comes with large fines when mistakes happen costing the business of any size thousands of dollars.