LATEST ACCOUNTING NEWS
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Payroll Tax 2020 concessions and JobKeeper

 

Employers subject to payroll tax will generally benefit from an expected relaxation of payroll tax by all states & Territories.

 



         


Each state has their own version of concessions, including increased thresholds and one-off grants.  For more detail on each State and Territory, click on the appropriate link in the article in our news feed titled 'COVID-19 resources -Update July 2020'.


Generally, the principle will be that wages paid to meet the requirements of the JobKeeper scheme are exempt from payroll tax, to the extent that they exceed the employees earned wage.


The JobKeeper receipt by the employer is income, (no GST), so the subsidised payment to the employee should remain tax neutral to the employer.


The payments are exempt from payroll tax if the employee had been stood down.


Whether the employee payment is taxable will depend upon the wages before Jobkeeper and the hours worked.


Northern Territory has a new field on the Annual Declaration to identify the JobKeeper portion, which will be deducted from the gross.


Other states require exclusion of the JobKeeper portion of wages, subject to whether the wages are higher or lower than the JobKeeper amount.


Further details will be needed on the Annual Adjustment return, with calculations back to JobKeeper start in March 2020. Examples are provided by each collection authority.


Businesses with annual Victorian taxable wages, up to $3m, will have their entire payroll tax for the 2020 year waived.  Any payroll tax already paid can be refunded.  No further payments are required, although payroll tax reporting should continue.


 


 


AcctWeb


 




24th-August-2020
 
SMSF Advisers Network logo CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411 |Fax: (07) 3376 8904 | Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation and other than for the acts or omissions of financial services licenses.