Checklist: Navigating annual payroll tax compliance
Checklist: Navigating annual payroll tax compliance
Data matching between the regulators has become commonplace with the various State and Territory revenue authorities placing more attention on ensuring employers are paying the right amount of payroll tax.
To help employers navigate these requirements, BDO has prepared a checklist that sets out some of the key risk areas for payroll tax purposes. These areas should be considered to mitigate the risk of non-compliance.
Payroll tax compliance is typically a monthly obligation, with monthly returns due on the seventh day of the following month. In addition, annual payroll tax reconciliations are due for lodgement by 21 or 28 July, depending on the jurisdiction. It is important to note that employers who incorrectly report are at risk of compliance activity if detected by the relevant state revenue authority through data matching. This can lead to historic payroll tax liabilities being assessed, together with penalties and interest, for up to five years.
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BDO has extensive experience in payroll tax and we’re here to assist you in navigating payroll tax as it applies to you. For help in navigating your payroll tax obligations please contact a BDO tax specialist.