Did You Know, that in NSW, the Payroll Tax-Free Threshold has Increased from $750, 000 to $850, 000?

So, what exactly IS Payroll Tax?

Payroll tax is the tax which you, the employer, pay on employees’ wages. This is determined by the calculation on the amount of wages paid each month, and it is payable in the state where the services were performed.

Some examples of Payroll Tax payments are:

Allowances
Apprentice and trainee wages
Bonuses and commission
Directors fees
Employment agency contracts
Fringe benefits

The Payroll Tax Threshold for 2017/2018 Financial year was $750,000, and annual reconciliation reports are due by the 21^st July 2018. If you need assistance with this, contact us on: 0417 150 555.

From the 1^st July 2018, as included in the recent NSW budget, a small relief for Small Business, is the Tax-Free Threshold for Payroll tax increase from $750,000 to $850,000.

If you require further assistance with this, or any other bookkeeping issues, please contact us either via phone on 0417 150 555, or via our Facebook Page