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