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.
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