Unpaid Trust Distributions: ATO's Rulings vs. Recent AAT Decision and What It Means for 2023
It has long been the ATO’s practice to treat a trust’s unpaid present entitlements (“UPE”) to a company as a loan for th...
On 28 June 2019 the Queensland Parliament passed the Revenue and Other Legislation Amendment Bill 2019.
Of particular interest will be the changes to Payroll Tax Act 1971 from 1 July 2019:
The reduction rate of $1 for every $4 remains, but starts from $1.3m. Employers paying over $6.5m in group wages will have a NIL Payroll Tax Free Threshold.
Will receive a 1% discount and pay 3.75% or 3.95% for those paying payroll above $6.5m.
This continues for a further two years to 30 June 2021. Those wages that qualify will continue to have a 50% Payroll Tax rebate applied.
If your business’ total group wages are, say $1.2m, you will no longer be required to pay payroll tax.
Please note the above examples are purely illustrative and not to be considered tax advice.
Payroll tax can be very complex and the above doesn’t take into account any wages paid outside of Queensland nor does it consider the grouping provisions. Also remember that amounts caught for payroll tax purposes will include more than what may normally be considered "wages and salaries” in your business.
If you have any questions about how this change impacts your business, you should get in contact Ulton for further tailored assistance.
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It has long been the ATO’s practice to treat a trust’s unpaid present entitlements (“UPE”) to a company as a loan for th...
Small businesses with an aggregated turnover of less than $50 million will be able to claim a bonus deduction equal to 2...
From the 1 July 2023 your wages data collated from your Single Touch Payroll (STP) lodgments will be prefilled into your...