SAFEGUARDING YOUR BUSINESS IS HOW YOU SURVIVE & FLOURISH

Up to date with payroll tax obligations for your business? Wondering if it can be managed more effectively? Are you aware of the payroll tax annual rates and thresholds relevant to each of the Indian Ocean territories? Let our expert team take over and ensure accuracy, prevent legal repercussions relevant to your Australian state and simplify your business.

THE IMPORTANCE OF PAYROLL TAX MANAGEMENT FOR YOUR BUSINESS

What is Payroll Tax?

Payroll tax is the payments business owners pay on their employees’ behalf, based on wages paid or payable during a certain period. Note that not all businesses pay this tax. There is a tax-free threshold and this payroll tax exemption helps a small business grow. You’re only required to start paying when your joined wages exceed a certain threshold amount.

So, what happens once you need to start paying state revenue office payroll tax?

Why do You Need Our Payroll Tax Services?

The goal stated in any business plan is to grow and for that you’ll need more team members. At some point, you’re bound to have a large enough payroll expense to necessitate payroll tax in the coming financial year.

This can be challenging to manage:

• An employer or group may not carry knowledge to manage this unique type of tax payments relating to wages paid.
• It requires time and effort to manage it accurately, especially if you’re not sure how to calculate payroll taxes, using the necessary payroll tax rates.
• You need to register for payroll tax, which requires time consuming paperwork
• Businesses need to pay it on a monthly basis, before the cut-off date; you risk late payments if you don’t have a streamlined workflow

WHAT WE OFFER

There’s no reason to continue worrying about payroll tax. This is one service worth outsourcing to the pros so you can get back to running your business.

Superior Business & Tax offers a comprehensive service to ensure you have peace of mind you’re your total Australian taxable wages and the relevant tax are taken care of.

Payroll Tax Calculations

All we need from you to have your tax assessed is your monthly data. Based on all the numbers, our payroll tax experts calculate exactly what you need to pay towards this state and territory tax.

Record Keeping

Any financial task in your business requires diligent record keeping. We’ll supply you with detailed records of all tasks we perform. You can present these documents to auditors and it also empowers you for informed decision making in future.

Business Advice

Your tax expenses can play a role in your cashflow situation, so never ignore it. When starting out, let our experts help you set up your business in such a way that you pay the least amount of tax necessary. And if you’re already in business for a while, let’s discuss possible restructuring that can benefit you in the long run.

Customer Support

Have a question? You can contact us via a range of communication mediums and our trained agents will assist.

5 FAST FACTS ON PAYROLL TAX

Tax is a State Based Issue

Payroll tax is a state tax and it relates closely to the state where your employees live. So, for large corporations with multiple sites, taxes for workers in the east may be different to those in Western Australia offices. With states having different tax guidelines you need to consider your workers’ locations to ensure you’re following the relevant payroll tax liability rules.

You Can’t Blame Ignorance

Your state may do a payroll tax audit from time to time. If it’s found that you didn’t do you annual reconciliation and you’re behind on payroll tax payments, you may face repercussions. This can be in the form of paying fines or even imprisonment. Unfortunately, you can’t defend yourself by saying ‘I didn’t know’. It’s your responsibility to ensure you practice legal business principles.

Each Month Matters

Your payroll tax is calculated based on the total wage bill your company has each month. That requires you to have detailed documentation of each week and month’s total wage amount. If you fall behind on managing your payroll, it will be hard to play catchup. So, rather have a professional manage it on a continual basis.

The All-Important Thresholds

Perhaps you didn’t need to pay payroll tax until recently. But the moment your monthly wages pass the state’s threshold, you’re liable for payroll tax payments. Each state’s threshold is unique and may change from time to time. It’s vital to stay up to date in order to avoid faulty tax payments.

Small Changes have Immense Impact

A tiny change in operations, such as when you pay wages to more employees or you’re joining a group of businesses, can affect your payroll tax calculations. Even termination payouts, fringe benefits and the number of days the month has affect your payouts. That’s a lot of detail to take into account for payroll tax purposes.

WHY DO THESE FACTS MATTER?

You can avoid all challenges related to these facts by simply partnering with experts in the payroll tax field.

Get Superior Business & Tax to simplify your business life.