NSW Payroll Tax Changes happening 1 July 2022

Often when we look at a budget you look at all the major announcements and leaks before the budget to understand how this impacts business owners.

But some times you need to look at what is not “shouted from the rooftops” to see the impact of decisions taken by governments when putting out their budget.

One such example in the NSW state budget last week was the adverse impact on NSW businesses around payroll tax. Unlike in QLD where they announced some payroll tax savings for small business, in NSW it was the opposite.

Firstly, the reduction in the NSW payroll tax from 5.45% to 4.85% now officially ends on 30 June 2022. This means that for those businesses who pay payroll tax in NSW, there will be a 12% increase in your payroll tax cost from 1 July 2022.

Secondly, in the NSW Budget papers it was announced that “Payroll tax is expected to overtake transfer duty as the largest source of taxation revenue from 2022-23”. Whilst the NSW Government announced ways for new home buyers to reduce stamp duty, there does not appear to any such plans around payroll tax and taxing your business for employing staff appears to be here for the long term (funny as I thought this was one of the taxes GST was supposed to remove when introduced).

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