Payroll Tax Annual Reconciliation – South Australia
In its simple form, employers with South Australian workers with total remuneration including super exceeding the $600,000 for the year will be required to pay payroll tax. There are quite a few factors to take into consideration around who is liable for payroll tax, what is included as remuneration, entity structures and more which I won’t cover in this email – if you feel consideration of your circumstances needs to be given, we recommend you contact our office for a discussion around your business’s individual requirements.
Simplistically, a payroll tax return needs to be lodged each month reporting the current month’s remuneration and calculation of tax payable. At the end of the year, an Annual Reconciliation must be prepared calculating the total amount payable for the year and reconciled back to contributions made throughout the year – this document needs completed and lodged electronically with RevenueSA no later than 21 July.
Each state has it’s own requirements for Payroll Tax Annual Reconciliation which would need to be discussed and managed in addition.
Tashly Consulting Xero Bookkeepers Adelaide are Registered BAS Agents #86318001 and we are dedicated to providing seamless, high-quality, transparent bookkeeping services – If you would like any further information please contact us via telephone (08) 8121 4424 or via email.
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Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.