The State Revenue Legislation Amendment Bill 2018 received Assent on 27 June 2018 as Act No 39 of 2018. It had passed all stages without amendment. It amends the Payroll Tax Act 2007 to raise the tax-free threshold for payroll tax from the current level of $750,000 to $1 million over the next 4 financial years. The new tax-free thresholds will be:
- $850,000 for the 2018-19 financial year;
- $900,000 for the 2019-20 financial year;
- $950,000 for the 2020-21 financial year; and
- $1 million for the 2021-22 financial year.
FJM 8.7.18
[NSW Parliament: Bill Tracker, Bill and EM; LTN 124, 3/7/18; Tax Month – July 2018]
Study questions (answers available)
- Does this Act increase the NSW Payroll Tax free wages threshold from $$750k to $1m?
- Does it do this over 3 years?
- Is the first jump in the threshold $100k, followed by yearly jumps of $50k?
