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.
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?
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
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.
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.
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.
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.
Have a question? You can contact us via a range of communication mediums and our trained agents will assist.
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.
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.
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.
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.
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.
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.
When your business’ reputation and cashflow are on the line, you need the best in the industry on your side. Here’s why our clients keep coming back.
You can try and stay informed by reading the latest tax guides. But why not save yourself effort, time AND money, by simply trusting the experts in the business?
The Superior Brand has been in operation for over a decade, acquiring the necessary skills and experience that benefit modern businesses.
We prioritise customer satisfaction and quality service delivery. Every decision we make is focused on benefiting your company.
We go to great lengths to guarantee accuracy in every calculation we make. Our tax experts make sure that you don’t spend more than you have to
Tax laws change and we make sure to keep up to date with all these adjustments. The decisions we make, the advice we give and the work we deliver will be done with the latest legislation in mind.