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
- Starting or Buying a Business
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- Buying a Business
- Business Purchase Price Assessment
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- Tax Planning Strategies
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- Tax Registration Advice and Implementation
- Business Name Registration
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- Business Accounting & Tax Services
- Tax Minimisation & Year End Tax Planning
- Bookkeeping & Data Entry
- Business Activity Statements
- Payroll Services
- Superannuation Management & Reporting
- Fringe Benefits Tax
- Payroll Tax
- Management Reporting
- Cash Flow Forecasting
- Corporate Secretarial (ASIC Compliance)
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- Accounting Software Solutions
- Business Acquisitions
- Entry of New Business Partners/Owners
- Exit of Business Partners/Owners
- Finance Application Assistance
- ATO Relationship Management (including ATO Audit Support)
- Accountants Letter of Support
- Selling, Exiting and/or Leaving a Legacy
Let's get together and talk...
We would love to meet up and discuss how we can help moving forward, coffees on us and of course there is no cost for an initial chat so don’t put it off any longer.