The Queensland government yesterday announced a 2.5 billion stimulus measure to provide Queensland businesses some relief from payroll tax.
The Office of State Revenue has already commenced sending emails to businesses offering the payroll tax relief which provide detailed instructions on the process to follow to obtain the benefits.
The main details of the scheme are:
For employers with annual taxable wages of 6.5 million or less:
- You login to the OSR payroll tax portal and amend the lodged returns for November, December, January and February (if monthly lodger). If you are a quarterly or half yearly lodger, you amend the December one;
- If you have made payments for those months, you get them refunded;
- To get these refunds you have to apply by 31 May 2020;
- When lodging the return for March, no payment will be due; and
- The deferral of all other payments for 2020 until 14 January 2021 will also apply (separate form to apply for that is on the OSR website.
For employers with annual taxable wages of 6.5 million or more:
- you get a refund for 2 months only (not 5 as per above); and
- You can also get the payment deferrals, until January 2021 for the rest of the 2020 calendar year lodgements.
To get these refunds you have to apply by 31 May 2020.
If you don’t get an email you can go to the OSR website and apply. This link is also relevant for the payment deferrals. https://www.business.qld.gov.au/running-business/employing/payroll-tax/lodging/coronavirus-tax-relief
A further assistance package to the value of 1.5 billion was flagged by the government to be announced later this week. Hoffman Kelly will keep you informed of these measures as they are announced.