Calculation of estimated monthly payroll tax
3D Calculation of estimated monthly payroll tax
The amount of payroll tax that an eligible existing taxpayer is required to pay in relation to a return of wages in respect of a month (other than the month of June) in a financial year is the amount of dollars calculated in accordance with the formula—
ME (existing) is the amount of tax required to be paid by the eligible existing taxpayer.
T is the total amount of payroll tax paid or payable by the eligible existing taxpayer in respect of the previous financial year.
R is 0.03 or any other amount determined in respect of the financial year by the Chief Commissioner by notice published in the Gazette before 21 May in the preceding financial year.
D is the total number of days to which the returns lodged by the eligible existing taxpayer in the previous financial year relate.
where—
The amount of payroll tax that an eligible new taxpayer is required to pay in relation to a return of wages in respect of a month (other than the month of June) in a financial year is the amount of dollars calculated in accordance with the formula—
ME (new) is the amount of tax required to be paid by the eligible new taxpayer.
T is the total amount of payroll tax paid or payable by the eligible new taxpayer in respect of the periods to which the returns lodged by the eligible new taxpayer in the current financial year relate.
D is the total number of days to which the returns lodged by the eligible new taxpayer in the current financial year (inclusive of the first 3 returns, and any subsequent returns, lodged by the eligible new taxpayer in that year) relate.
where—
This Act’s bill:Explanatory memorandumSecond reading speech
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