Payroll taxes serve as federal and state taxes that employers –sole traders, partnerships or companies – are able to legally withhold from the pay checks of their employees. This includes everything from income taxes and social security right through to Medicare. The Australian Taxation Office (ATO) trusts every employer to withhold a certain percentage of each of their employees’ wages for different types of tax: in some cases, employers – on behalf of their employees –are obliged to make additional matching payments to the Australian Taxation Office.
Trust is the key word: if the ATO has grounds to believe that an employer has failed to meet even a single payroll tax payment or failed to file one payroll tax return, it may conduct a payroll tax audit with dire consequences – the harsh penalties and interest rates of which can accumulate quite quickly in a significantly short period of time. Since the Australian Taxation Office views payroll taxes as a form of trust tax, any failure to properly and accurately file a tax return or promptly pay these payroll taxes can lead the employer in question to face serious charges and even criminal prosecution. This is where a payroll tax consultant can assist your business.
Thelawyers and tax consultants of Tobin Partners are well versed in all the most current and up to date tax laws: this effectively enables them to take the pressure off of you when it comes to crunching numbers and filing forms, leaving you free to do what you do best – running a successful business, maintaining optimal levels of performance, as well as providing the highest quality of customer service possible. Even if your business receives notice the ATO is auditing you for incorrect payroll taxes, our specialists based in Queensland can ensure you receive fair judgment.
