To-Do List for Payroll 2025: Stay Ahead of the Game!

Get ready for 2025 with this comprehensive payroll checklist! From Benefit-in-Kind (BIK) schedules to compliance updates, we’ve got everything covered to ensure smooth payroll operations for your organization.

Do You Know What You Should Take Note of in Payroll for 2025?

As 2025 approaches, businesses need to gear up for key payroll responsibilities to stay compliant and efficient. Keeping track of payroll tasks can be overwhelming, but with the right plan, you’ll breeze through it! Here’s your ultimate to-do list for payroll 2025 to ensure your HR operations are smooth and stress-free.

Payroll Checklist for 2025

1. Manage 2024 Benefit-in-Kind (BIK) & Value of Living Accommodation (VOLA)
   • • Prepare and update your monthly schedules for BIK and VOLA, if applicable.
     • Ensure accurate records for tax submissions.

    

2. Communicate TP1 Update Schedules
   • Send memos to employees regarding TP1 updates at least twice a year.
   • This helps your team report additional income or relief claims accurately.

    

3. Cross-Check Monthly Schedule Deductions
   • Verify recurring deductions such as loan repayments, ESPP, PTPTN, and zakat.
   • Ensure deductions are in line with agreements and compliance.

    

4. Update Employee Dependent & Education Info
   • Keep dependent details and child education statuses up-to-date for tax purposes.
   • This ensures accurate tax calculations and avoids penalties.

    

5. Prepare EA Form, Borang E & CP8D for 2024
   • Verify year-to-date data and confirm any taxable income payable with the Finance team. These forms are crucial for employee tax submissions.

    

6. Ensure Compliance with Payroll Systems
   • Update payroll software to meet the latest regulations and compliance requirements. This includes adhering to tax changes and other government-mandated updates.

    

7. Review Employee Basic Salaries
   • Ensure salaries meet the Minimum Wages Order 2024 of RM1,700, effective 1 February 2025.
   • Regularly review salary structures to stay competitive and compliant.

    

Why a Payroll Checklist Matters

Payroll errors can lead to compliance issues, unhappy employees, and unnecessary stress. Staying organized with a checklist ensures that you:

• Meet deadlines.
• Remain compliant with laws and regulations.
• Provide accurate and timely salaries.

Start preparing today to make 2025 a successful year for your payroll processes! If you need help with payroll, whether you’re an employee or an employer, we’ve got you covered!

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📧 enquiry@mywave.biz