NSW Premier Gladys Berejiklian has now committed $450 million to waive the payroll tax for businesses with payrolls of up to $10 million for three months ending 30 June 2020.
Payroll tax relief for businesses with grouped Australian wages of no more than $10 million
Payroll tax customers whose total grouped Australian wages for the 2019/20 financial year are no more than $10 million will have their annual tax liability reduced by 25% when they lodge their annual reconciliation, which is due on 28 July.
For those customers who lodge and pay monthly and whose total Australian wages will be no more than $10 million for the current financial year, no payment for the months of March, April or May 2020 will be required.
When lodging your annual reconciliation, you will still need to provide wage details paid in these months and will receive the benefit of a 25% reduction in the amount of tax you would have had to pay for 2019-20.
Threshold increase – 2020/2021 financial year
The tax-free threshold will increase from $900,000 to $1 million for the financial year commencing on 1 July 2020.
If you need any assistance with payroll tax at this time our team at Waterford Accountants can help you out, we are still available to be contacted on 02 4940 2800 and will do what they can to assist you to navigate this difficult time.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.