Victorian Payroll Tax update

The State Revenue Office (SRO) in Victoria have been a great support for businesses during the Coronavirus pandemic with a large number of incentives to assist businesses during a tough time.

  • Employers with annual Victorian wages up to $3m have their 2019-2020 payroll tax waived
  • JobKeeper payments are exempt from payroll tax calculations
  • New Jobs Tax Credit encouraging rehiring and new jobs
  • Deferring 2020-2021 payroll tax liabilities until 2022 financial year
  • Threshold changes as of 1st July 2021

All of these combined allow businesses to have more flexibility in budgeting for their future expenses and investments. During a time when business confidence is low and cashflow is a major concern, these measures are a great opportunity to utilise the extra funds that would otherwise be earmarked for taxes.

The SRO have done an amazing job during these hard times and they are a great example of Government department listening to what businesses need.

For further details on this contact us or review the SRO website below;

https://www.sro.vic.gov.au/coronavirus-payroll-tax-relief

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