Payroll tax returns made simpler in Queensland
Payroll tax returns can be a headache for many businesses as simple errors and mistakes can cost hours of lost productivity.
However, the Queensland government hopes to improve this area with an announcement that is set to affect around 7,000 businesses in the state. From 2015, companies with an annual payroll tax liability of less than $20,000 will only need to complete payroll tax returns twice a year, instead of the current monthly routine.
Chamber of Commerce and Industry Queensland (CCIQ) General Manager Nick Behrens welcomed the move and said it was another step in the right direction for state businesses.
"This change in payroll tax requirements means thousands of small and medium Queensland businesses – many owned and built from the ground up – will save hours of administration and resourcing," he said.
According to the government, this change will save around 40,000 hours of paperwork and up to $2 million in administration costs.
Treasurer Tim Nicholls explained that businesses that are left to concentrate on their own operations will usually do better in the long term.
"From next year these small and medium Queensland businesses will save time and money on unnecessary red tape and get on with their real jobs – growing their businesses," he said.
"We are determined to create an environment for business success and concentrating on getting government 'out of the way', so business owners can get on with running their enterprise."
Mr Nicholls stated that this won't be the last change to improve the profitability of Queensland businesses. He said the government still stands by its commitment to reduce red tape 20 per cent by 2018.
Payroll software can maintain accurate records for businesses and ensure workflow automation and productivity are always operating at a high level.