The NSW State Government has also announced relief with respect to payroll tax. If your grouped businesses have wages of $10m or less and you pay monthly, then no payment is required for the months of March, April and May 2020.
When annual reconciliations are lodged, there will be a tax liability reduction of 25%. Wage figures for all months must still be reported in the annual reconciliation.
The idea behind this being that non-payment of three months of payroll tax will roughly equate to the 35% reduction in the annual liability.
Further details that have been released by Revenue NSW can be found here.
For more detailed advice, our experienced solicitors are available to discuss your specific circumstances. Do not hesitate to contact us on 9523 6111.
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Cronulla NSW 2230