Transferring Staff to new Business Entity after sale

Question

Our business has been sold with the employees transferring to the new owner with all their entitlements.  How are the staff finalised in the old business (as they are technically not terminated) with notification going through to the ATO for Single touch Payroll? Any advice appreciated.

Linda4017 · Answer

thank you so much - really appreciate you taking the time to help.

Princess_R · Answer

Hi @Linda4017,

Transferring staff to a new business entity involves a few key steps to make sure it goes off without a hitch. Each employee is unique to their company's files, so there's no straightforward way to transfer them between payroll files automatically. It'll be a manual process. Usually, you need to jot down their outstanding leave totals, zero them out, process their final pay, and mark their end date. Then, set them up in the new business entity and enter their leave balances. For more detailed info, check out this link.

Cheers,

Princess