The Queensland Government has announced that the JobKeeper payments will be exempt from payroll tax.
The exemption does not apply to wages paid to employees in excess of the $1,500 JobKeeper wage subsidy threshold. For example if an employer paid an eligible employee $2,000 taxable wages in a fortnight, only $1,500 will be exempt from payroll tax (representing the JobKeeper wage subsidy that will reimbursed to the employer). The balance of $500 of taxable wages will still be subject to payroll tax.
If you have already lodged your April 2020 monthly payroll tax return including the JobKeeper payments as taxable wages, this can be corrected when you lodge your Annual Payroll Tax Return in July 2020.
Other states are applying various payroll tax exemptions in relation to the JobKeeper payments and other COVID-19 relief measures. We recommend that you check your obligations for each state accordingly.
Please contact your Cooper Reeves Adviser for further assistance.