Victorian Government Reveals Payroll Tax Relief
The federal and state governments of Australia are trying to implement some measures (Payroll Tax Relief) to help employers. The tax authorities are targeting most affected industries like hospitality and tourism but there is a broad range of measures that will be applied to all affected businesses. The approach of each territory and state is different but the objective is to help small to medium enterprises.
The measures will be executed under the surveillance of State Revenue authorities and ATO (Australian Taxation Office).
Businesses in Victoria are all set to employ workers for the next two years with the benefits of payroll tax deferrals. The Victorian state government discloses the tax measures for stimulating the economy.
The different payroll tax-related measures will bring relief to businessmen. It is very important to make all the finance and tax terms clear to the entrepreneurs who are going to be benefited. It is sensible to hire a tax accountant in Richmond who can clearly communicate and calculate reimbursements or assistance available for your business.
Key announcements of Payroll Tax Relief made by the Victorian government for the businesses that will help you know what support will be provided.
- The state government has decided to help the businesses by providing complete payroll refund to medium and small-sized business for the year 2019-20. The payroll of the companies should be less than $3 million and it will be returned in the form of refund and not a loan.
- A deferral of payroll tax for the 2020-21 year for businesses with a payroll of more than $10 million will be provided. 14,000 businesses will get benefit in 2020-21 and the number of business will increase up to 21,000 in 2021-22.
- Until 1st January 2021, the small and medium-sized businesses have the option to defer payroll tax for the initial three months of the financial year 2020/21.
It is expected by the Victorian government that the measures will help to open doors for 10,000 jobs. The employers will get the refund automatically in their payroll tax account through the State Revenue Office.