Mitchell Wilson

Company and payroll tax

Payroll tax

Payroll tax is a state tax calculated on wages paid, or payable, by employers and applies in all Australian states and territories.

For payroll tax purposes, wages include:

  • salaries
  • allowances
  • director's fees
  • super
  • the grossed-up value of fringe benefits.

Employers are required to self-assess their liability on a monthly basis, with an annual adjustment reconciliation performed at the end of the financial year.

Employers with an expected payroll above $550,000 per year should check registration requirements and payroll tax rates in their state.

We exchange wage-related and other information with the state and territory revenue offices help in the proper identification and accurate assessment of tax liabilities.

Company tax

As a business owner, it’s important to be aware of company taxes and more importantly any changes the government has implemented or is planning to implement around tax.

As of August 2015, Income received by employees is taxed at progressive rates, while company tax currently sits at 30%. Government legislation around tax is subject to change so it’s important to keep updated on any changes by visiting the ATO website.

Company tax can be complex so it’s important to get professional advice when completing your business’ tax. For more information and to speak to one of our experienced tax consultants contact us today.

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