SUBJECT – Payroll Tax
Hi I'm Jeff Banks, Business Advisor with over 30 years experience at MWL Financial Group specialising in small business.
Payroll tax is a state based tax payable by employers when the total wages paid exceeds a certain threshold. While the rates and threshold varies from state to state, the states are largely similar in a number of key aspects of payroll tax administration.
Currently in NSW the threshold is $750,000 with any wages paid above that amount attracting payroll tax at 5.45% of the wages above $750,000. When assessing your payroll tax liability, it is important to note what is included as “wages”, and what rebates are available. For example, certain payments to contractors are categorised as wages for payroll tax purposes while there are rebates available for wages paid to trainees or apprentices
For more information contact us at email@example.com and either me, Jeff Banks or one of our experts will be more than happy to help.