NSW Payroll Tax Relief Update

In conjunction with a number of business grants and payment programs to support businesses during the extended lockdown, the NSW Government has also included payroll tax relief in its support package.

We advise that Revenue NSW has announced an increase in the payroll tax waiver from 25% to 50% for some businesses. Eligible businesses are those that are eligible for the JobSaver program or the COVID-19 Business Grant and have an annual payroll below $10m.

Further, all businesses do have the option to defer their payroll tax payments which are due during the July –December 2021 period to 14 January 2022. Interest-free payment plans are available and those interested should contact Revenue NSW for further information www.revenue.nsw.gov.au

Reconciliations of 2020/21 payroll tax are due for lodgement on 7 October 2021.

To discuss your general payroll tax situation for the financial year ahead or through this challenging period, please reach out to me directly.

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