Revenue NSW has announced an extension to the lodgement and payment date for the 2021 Annual Payroll Tax Reconciliation to 7 October 2021 due to the current impact of Covid-19.
Taxpayers will also have the option of deferring the payment of the July and August returns to 7 October.
Additionally Revenue NSW has introduced payment plans for outstanding debts to assist businesses manage their cash flow. These payment arrangements can be applied to the Annual Payroll Tax Reconciliation as well as the monthly instalments for the July, August and September periods.
Revenue NSW has also announced a 25% reduction in Payroll Tax liability for those businesses that have wages between $1.2 and $10 million and have experienced a 30% decline in turnover.
Eligibility and other details for this concession are due to be released by the end of August.
If you believe your business would fall into this category or if you have any questions please contact Cutcher & Neale and speak to your advisor.