In good news for many Queensland businesses, the Queensland Treasurer, Jackie Trad, has announced that Qld businesses affected by the coronavirus will be able to defer their payroll tax payments for 6 months. The initiative is backdated to 1 February 2020 when travel bans started.
“Small and medium businesses are especially vulnerable to these external shocks, so today we are giving them the option to defer their payroll tax obligations for six months, backdated to when the travel ban started on 1 February,” Deputy Premier and Treasure Jackie Trad said.
In addition small and medium business who have been impacted and have an annual Australian wages bill of up to $6.5 million will be permitted to self-assess.
This will be welcome news to many of our clients in the education, tourism and export sectors.
If this initiative affects you, contact the OSR to implement the structures to affect the deferment and a repayment plan.
For further information contact Tobin Partners Lawyers by email or call Peter Tobin 0438 001 809 directly.
This article contains general information only. It should not be relied upon as legal advice. Formal legal advice should be sought on particular matters canvassed.