Payroll Tax - CapitalQ

Payroll Tax

Yet another tax which is so often overlooked, in fact, many business owners are oblivious to its existence.

Or what they think is Payroll Tax is actually Pay As You Go Withholding (“PAYGW”) which it most certainly is not!

Payroll Tax is a State-Based tax, completely separate to, and applies over and above, the various Federal Taxes most are familiar with.

It used to be a tax that only applied to large businesses with an extensive workforce.

Now, many are surprised at its application to what might be considered modest business enterprises.

There is no escaping Payroll Tax either. The State Revenue Offices are very proactive on the audit front (spurred on by State Governments desperate for extra revenue, especially in WA given the GST distribution controversies).

And the State Revenue Offices are armed with all the information you report to the ATO (there is a deep information sharing arrangement).

So let’s get on the front foot, ensure you are complying with your obligations before penalties and interest can apply, and while there are limited payroll tax minimisation and planning opportunities, there are still some things you can do to ensure you aren’t overpaying unnecessarily.

More about Accounting & Tax

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What our customers say

Logo for Nigel Dennis & David Lunn

Providing the Financial Sounding Board to Grow a National Business

CapitalQ provides important services for our business by assisting us in relation to a wide range of financial and business growth matters on a consistent and ongoing basis. Specific support has included: implementing easy to read monthly financial management reports; identifying significant tax saving strategies (including an annual saving of nearly $30,000 a year on Payroll Tax); recommending and implementing business changing cloud-based software platforms; and streamlining our internal accounting and bookkeeping processes. This support has meant that CapitalQ has effectively become our financial sounding board so we can make informed strategic decisions about our business. This in turn has allowed us as Directors to focus on expanding our business to a national presence (currently three States and growing).
Nigel Dennis & David Lunn Nigel Dennis & David Lunn Nigel Dennis & David Lunn

Nigel Dennis & David Lunn

Co-Founders and Directors of BidWrite (Australia’s Leading Specialist Tendering Consultancy)

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