What is a Payslip ?
Payslip (Definition)
A payslip is a record of a person's wages that is created in either paper or electronic form. It provides information on an employee's earnings, including any taxes withheld from the employee's gross pay. In most countries, a payslip must be provided to employees by law. In many cases it must legally be provided on the same day payment is made, or within 7 days of payment being made.
A payslip should include the following:
- Date of payment
- Pay period (weekly, fortnightly, monthly)
- Rate of pay (e.g., hourly)
- Number of hours worked if paid hourly
- Employer’s name and ABN
- Employee’s name
- Payment amount (Gross and net)
- Tax withheld
- Incentive-based payments
- Bonuses and allowances
- Penalty rates, if applicable
- Superannuation, including account details and amount contributed
