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