A number of the states of Australia have announced a range of tax measures to provide relief to businesses in response to COVID-19.
These include payroll tax relief, interest free loans and other such cash flow stimuli for the business community.
Victoria Payroll Tax Relief
Businesses with annual taxable wages up to $3m will have their payroll tax for the 2019-20 financial year waived.
- Keep lodging your returns, but you do not need to make further payments
- For payments already made during the 2019-20 financial year, you are eligible for a refund.
- Eligible businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year (July to Sept 2020 quarter)
How to Apply: The SRO will contact directly eligible businesses for reimbursement of payroll tax already paid in the 2019-20 financial year.
There are other measures announced by the Victorian SRO, such as liquor license fees waived and land tax deferral Click here for more information
Queensland Payroll Tax Relief
You can apply to have your payroll tax payments deferred until 31 July 2019.
- This relates to the March, April and May returns.
- The June 2020 financial year reconciliation is due on that date anyway.
- This is not automatic, you need to apply. Please click here for more information.
- You must keep lodging your returns during this time via OSRconnect
How to Apply: Please click on this clink to apply.
Queensland Government Interest Free Loans are being offered to eligible businesses to retain employees and maintain operations. Loans are up to $250,000 and are interest free for 12 months. Currently taking expressions of interest.We think you would need to show.
How to apply:Please click on this link to register your interest
New South Wales Payroll Tax Relief
Businesses with total Australian grouped wages for the 2019-20 financial year less than $10m.
- Will have their annual liability reduced by 25% when they lodge their annual reconciliation, due on 28 July 2020
- If you lodge and pay monthly, no payment will be required for March, April or May 2020 – payroll tax completely waived (but still need to lodge)
- When lodging annual reconciliation, will still need to provide wage details for the above months and will receive the benefit of a 25% reduction in the amount of payroll tax you would have paid for the 2019-20 financial year.
How to apply: will be automatic when payroll tax returns are lodged
Tasmania Payroll Tax Relief
Payroll tax announcements in the early stages, however a waiver will be available for businesses in hospitality, tourism and seafood industries for the March, April, May and June months.
Other businesses with payrolls up to $5m can also apply for a waiver, with eligibility based on how significantly COVID-19 has impacted the business.
How to apply: further detail to be released. Visit the page to check updates.
Tasmanian Government interest free loans will be available for businesses in hospitality, tourism, seafood and export industries. Businesses with a turnover less than $5m will be eligible to apply, however further details to be released.
Western Australia Payroll Tax Relief
SME’s impacted by COVID-19 can apply to extend the time to pay their 2019-20 payroll tax until 21 July 2020.
To see our article: Australian Government COVID–19 $66 Billion Stimulus Package