Payroll Tax & Land Tax: What You Need to Know

As we move through 2024, we’ve noticed an increase in Revenue NSW reviews for both Payroll Tax and Land Tax, impacting many businesses and property owners. If you fall within certain thresholds, it’s crucial to review your position to avoid unexpected liabilities.

Payroll Tax: Are You Required to Register?

Revenue NSW has been conducting more frequent Payroll Tax reviews, ensuring businesses are compliant with their obligations. If your annual wages plus contractor payments are around $1.2 million, you may need to register for Payroll Tax. Many businesses don’t realise that contractor payments can be included in the threshold, meaning they may already be liable without knowing it. If you're unsure, it's worth speaking with us to review your payroll obligations and ensure you're compliant.

Land Tax: Are Your Assessments Correct?

Revenue NSW has also been actively amending prior and current year Land Tax assessments, particularly for property owners who hold assets within Unit Trusts or partnerships. Changes in how Revenue NSW calculates Land Tax may increase liabilities, especially for property investors and business owners with multiple holdings. If you own property through a trust or partnership, we recommend reviewing your assessments to ensure you’re not overpaying—or underpaying and at risk of penalties.

If either of these tax matters affects your business or investments, contact our office today for a compliance review. Staying ahead of these changes can help you avoid penalties and unexpected tax bills while ensuring your business remains compliant.

If you are unsure or would like more info, please give us a call!