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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
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