If your Victorian employees are mainly based in regional areas, have you considered your eligibility for a 25% reduction in your Victorian payroll tax?
Whilst we initially forwarded a bulletin in late June this year, we wanted to remind everyone of this opportunity. Quite simply, to qualify all you have to do is satisfy two straightforward tests:
Your registered business address is located in regional Victoria
At least 85% of your total Victorian taxable wages are paid to, or in relation to, employees who work mainly in regional area
In each month in which you satisfy both tests, you can pay your Victorian payroll tax at the reduced rate of 3.65% instead of the full rate of 4.85%
At the end of the financial year, you must reassess your eligibility for the whole year based on the full year’s wages. If you meet both tests you then will only pay tax at 3.65% on all your Victorian wages for the whole year.
If you think your business or your clients could be eligible for the concessions, please contact your Pitcher Partners tax expert for further information.