Several states and territories have released their budgets for the year, which include changes to Payroll Tax:
Victoria (VIC)
– 2024-2025 Budget: The tax-free threshold will increase from $700,000 to $900,000 starting 1 July 2024, with a further increase to $1 million from 1 July 2025.
– Threshold Phase-Out: Beginning 1 July 2024, the tax-free threshold will phase out for each dollar of wages a business pays over $3 million, with wages over $5 million not benefiting from the threshold.
– Payroll Tax Exemption Removal**: Effective 1 July 2024, the payroll tax exemption for certain high fee-paying non-government schools will be removed.
Western Australia (WA)
– No Changes: There are no changes to the payroll tax in the 2024-2025 budget.
Northern Territory (NT)
– No Changes: There are no changes to the payroll tax in the 2024-2025 budget.
Upcoming Budget Releases
The following states and territories have not yet released their budgets for this year. The expected release dates by their respective treasuries are as follows:
– Australian Capital Territory (ACT): Week commencing 24 June 2024
– South Australia (SA): 6 June 2024
– New South Wales (NSW): 18 June 2024
– Queensland (QLD): 11 June 2024
– Tasmania (TAS): No release date announced so far
Stay tuned for updates as the remaining states and territories release their budgets and any corresponding payroll tax changes.
