Victorian Payroll tax concession to refund recent payroll tax payments
The Victorian Government has announced a range of concessions to support small and medium sized businesses and help these businesses retain employees in response to impact of COVID-19.
Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. Eligible businesses must continue to lodge returns but do not need to make further payments for the 2019-20 financial year.
The State Revenue Office (SRO) will contact eligible businesses directly in relation to the reimbursement of payroll tax already paid for the 2019-20 financial year, with the SRO planning to start payments from 27 March 2020. We note that this concession is a refund, and not a loan from the SRO.
Furthermore, businesses will also be able to "defer making payment" of any payroll tax liability for the first three months of the 2020/21 financial year (ie. September 2020 quarter) until 1 January 2021.
Finally, the SRO plans to send more information about the administration of these relief measures directly to eligible businesses.