The Queensland Government have provided a number of payroll tax relief measures designed to assist businesses during COVID. These refunds will help many businesses in reducing their expenses during this time. You also don’t need to pay the refund back at a later point, further reducing any burden. We recommend that if you are eligible, you take advantage of these payroll tax refunds.
What are the payroll tax refunds about?
If you are an employer who pays $6.5 million or less in taxable wages in Australia during a financial year you may have to pay payroll tax. For employers in Queensland you can apply for a refund of payroll tax for the July and August 2020 period. Registrations close by October 30th.
To apply for the refund you will need:
- To be registered for payroll tax
- The 7-digit client number of the taxpayer. This can be found in the top left corner of OSR Online.
If you are waiting to hear about payroll tax registration you may not yet have a client number. If you lodge monthly, half-yearly, or annually you may have a different process on how you claim your refund.
If you have lodged your return but not yet paid you will need to complete the online refund application form [here]. Once completed, you will receive a confirmation email within 1-2 business days. Simply follow the instructions in the email.
If you are yet to lodge your return you should first complete the online refund application form. Then, once you have received the confirmation email you can lodge your return. Your refund will be applied at the calculation stage. With this method you do not need to follow the instructions in the email.
Half-yearly or quarterly lodgers
If you lodge your return quarterly or half-yearly you should still apply for the refund as soon as possible. Simply complete the online refund application form and wait for the confirmation email. After it has arrived you should lodge your return by the due date. Your refund will be applied in the calculation.
For annual lodgers there is an extra step involved when getting the refund. In this situation you will still start with completing the online refund application form. However, you should also change your lodgement frequency from annual to half yearly. To do this contact the Queensland treasury via email at email@example.com and ask for this change. Once this has been completed wait for confirmation and the date which you will need to lodge your half-yearly return at. Your refund will be calculated as a part of your half-yearly return.
We highly recommend you take advantage of this refund if you are eligible. This refund is a great way to give your cashflow a small boost during COVID. If you need further assistance regarding payroll tax and the refund, feel free to give one of our Advisors a call.