Payroll tax changes

31/07/2017 12:00am

Hood Sweeney payroll tax changes

The payroll tax changes announced by the State Government in the 2017 Budget are now applicable.

Businesses and groups of businesses with Australia wide taxable wages of up to $1.5 million now have new payroll tax rates:

Taxable wages
Tax rate

$600,001 to $1 million   

2.5%

$1,000,001 to $1.5 million

variable from 2.5% to 4.95%

Exceeds $1.5 million   

4.95%

When lodging a monthly return RevNet will calculate the tax due at the new rate based on wage estimates provided by the business and displayed on the monthly lodgement.

The actual rate will be applied at the annual reconciliation when actual wages are declared.

2017-18 monthly returns can now be lodged with RevNet, with July’s return due by 7 August.

If you have any questions regarding the rate change contact your accounting relationship manager on 1300 764 200.

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