Contact us for a free initial consultation - (08) 8911 0969
Contact us for a free initial consultation - (08) 8911 0969
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MKM Accountants provides specialised payroll tax accounting services that ensure qualifying businesses in Western Australia meet their payroll tax obligations.
Businesses in Western Australia that pay more than $1 million in annual taxable wages must be registered for payroll tax and comply with relevant obligations.
Payroll tax is a self-assessed tax which means that businesses in Western Australia that pay more than $1 million in annual taxable wages must ensure that they are aware of their obligations and comply with the applicable tax obligations. Just like anything in the tax space, ignorance is not an excuse and businesses that do not comply with their payroll tax obligations are subject to penalties and fines.
Payroll tax is paid into the Consolidated Fund of Western Australia where funds are used to meet the demands of public services such as health, education, safety, and law and order.
The payroll tax rate threshold in Western Australia is set at a diminishing rate of 5.5% on the taxable wages that are paid by employers between the annual threshold of $1 million and the upper threshold of $7.5 million. Businesses in Western Australia whose payroll tax is below the $1-million annual threshold are not subject to payroll tax.
For businesses that fall between the $1 million and $7.5 million diminishing threshold, the amount of wages that are exempt from payroll tax decreases as the total wages increase within this range. Businesses in Western Australia that pay more than $7.5 million in payroll tax annually pay a consistent 5.5% tax with no thresholds or diminishing exemptions applicable on wages over the $7.5 million threshold.
Phone Number: (08) 8911 0969
Email: admin@mkmaccountants.com.au
Perth, Western Australia, Australia
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