In response to the ongoing risks to business from the coronavirus pandemic, the Queensland Government has further eased the tax burden on struggling businesses with additional payroll tax relief announced by Treasurer Cameron Dick.
The payroll tax measures announced by the Treasurer on 7 September 2020 include:-
Two Month Payroll Tax Waiver
- Payroll tax for July and August 2020 waived for businesses with taxable annual Australian wages of up to $6.5 million
JobKeeper Exemption
- JobKeeper wage subsidies continue to be exempt from payroll tax
Repayment Schedule
- Businesses will be permitted to pay off their existing deferred payroll tax liabilities throughout 2021
With both Federal due on 6 October and State budgets also deferred to later in 2021, I will post relevant updates when they are announced and details available.
Peter Tobin, Tobin Partners Lawyers peter@tobin.net.au 0438 001 809