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RS COVID-19 Update: Payroll Tax Deferral
If your business has been affected by the coronavirus (COVID-19), you may be able to apply for a relief package to defer paying payroll tax returns until 31 July 2020.
What you need to know:
- The deferral ONLY applies to the payment. You still have to lodge the returns (monthly/periodic/annual) over the Office of State Revenue when they are due.
- You have to APPLY via the OSR website to be granted the deferral date.
- All returns from March to 19/20 Annual are eligible to be deferred for payment until 03 August 2020.
- You can apply during any time up until the 19/20 Annual Return would usually be due.
- Even if you have the payment deferral, you do have the ability to pay at any time, so it may be easier to stagger payments for cashflow purposes and not be hit with the large interest bill.
In New South Wales, those who lodge and pay monthly and are less than $10 million, there is no payment required for March, April or May, but they ARE still taken into the calculations when lodging annual. You then receive a 25% reduction in the amount you would have had to pay. More information here.
HR - Standing down staff during the lockdown
Toowoomba business Focus HR have provided information on redundancy and the standing down of staff here.