Good news for South Australian businesses! Below are the details provided by Revenue SA regarding the recent changes to the SA Payroll Tax legislation.
'The State Government’s payroll tax changes have now been passed in Parliament. This will result in changes from 1 January 2019.
What are the changes?
1. From January 1 2019 the payroll tax threshold will increase to $1.5 million.
2. Businesses that exceed the $1.5 million threshold will receive a deductable amount of up to $600 000.
3. From $1.5 million to $1.7 million a variable rate from 0% to 4.95% will apply.
NO ACTION BY BUSINESSES IS REQUIRED. All changes will be updated in RevenueSA Online.
If your annual wages are above $1.5 million the new rate will be displayed when you lodge your monthly payroll tax for January onwards.
If your annual wages are below $1.5 million you cannot cancel the registration prior to 30 June 2019. However you will not be required to lodge monthly returns for January to June. Your next lodgement will be your Annual Reconciliation in July 2019. If wages estimates for 2019-20 are below $1.5 million you can cancel in the Annual Reconciliation.
For more detailed information we recommend the webinars and the RevenueSA website . Alternatively you can contact Revenue SA at email@example.com or 08 8204 9880.'
Taxation Assistance Team
Payroll Tax & Returns Based Stamp Duty, Taxation Services, RevenueSA
Department of Treasury & Finance
t +61 8 8204 9880 e firstname.lastname@example.org w revenuesa.sa.gov.au