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NSW Payroll Tax Payment Arrangements

The NSW Government through Revenue NSW has announced a payment arrangement process for businesses to pay their deferred and recent liabilities over a 24 month period. But you’ll need to be quick if you would like to take advantage of these arrangements because the sign-up period is limited to a window from 26 October to 29 November 2020.

Recap

  • Payroll tax payments were deferred from March 2020 to October 2020 for eligible businesses.
  • The date for 2019/20 annual reconciliation was extended to 30 October 2020.
  • You will still have to lodge your annual reconciliation by this date.

New Stimulus Payment Arrangements

  • After lodging the annual reconciliation, business will have the choice of either paying the outstanding liabilities in full or taking advantage of the payment arrangement.
  • Businesses can sign up for the payment arrangement from 26 October at Payroll Tax Online Services https://www.revenue.nsw.gov.au/help-centre/online-services/payroll-tax-stimulus-payment-arrangements
  • The sign up option will be open until 29 November 2020
  • The Stimulus Payment Arrangement allows up to 24 months to pay the 2019/20 liability and any payroll tax liabilities due for July, August and September 2020.
  • In order to be eligible for this arrangement, businesses must have lodged 2019/20 annual reconciliation
  • The payment arrangement is interest free for the initial 12 months. After the first 12 months, interest will charged at the applicable rate
  • Arrangements offered include weekly, fortnightly or monthly repayments.
  • Minimum eligible debt value $200, minimum payment for each instalment is $50

 For more details and answers to your FAQs head to https://www.revenue.nsw.gov.au/help-centre/online-services/payroll-tax-stimulus-payment-arrangements

I’m staying across developments in regard to payroll tax in all states and territories and will bring you further updates as I receive details.

Peter Tobin, Tobin Partners Lawyers peter@tobin.net.au 0438 001 809

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