I have been working out how much payroll tax I will need to pay this year and I estimate that it is going to around $13,000 for the year. Can I pay the tax as an annual payment?
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Answer by Lisa Wulfsohn, Malvern 3144 VIC
- Generally payroll tax is payable monthly. In some circumstances you may be able to get the approval of the commissioner of state revenue for an annual payment of payroll tax.
- Usually annual payment will only be approved if the tax payable for the previous financial year and the tax you estimate will be payable in the following financial year is less than $10,000.
- If the commissioner of state revenue approves annual payment you will only have to lodge an annual reconciliation return.