• New Wave Accountants

How to Lodge & Pay Payroll Tax Returns in Queensland

As a registered business owner in Queensland, you have responsibilities to the government and the public—your taxes. Therefore, you need to lodge periodic payroll tax returns, annual returns every year, and a final return when there’s a change in your status.


It can be all confusing, especially if you’re new to this—and that’s perfectly understandable. Allow us to give you the necessary information about the types of returns and how you can lodge them.


Periodic Returns


A return period is monthly or every six months. If you choose to lodge monthly, you start in July through May and one annual return in July that includes June wages.


On the other hand, if you are approved to lodge your returns half-yearly, you are required to lodge one periodic return for the July to December period and one annual return in July that includes January to June wages.


If you wish to change your lodgment frequency to half-yearly returns, you need to have an estimated annual payroll tax liability of $30,000 or less. However, you shouldn’t stop lodging the same way you’re approved unless you receive a letter from the Queensland Government about the confirmed lodgment change.


Annual Returns


Your annual payroll tax return is “the breakdown of your year’s taxable wages, and it is used to calculate your liability for the year.” With that, you need to lodge an annual return every 21 July of each year for the previous financial year.


At the end of each financial year, you need to lodge an annual return for taxable wages payable or paid during the year, compare the periodic return liabilities with the annual liability amount and pay any outstanding amounts by the due date.


Keep in mind that you can’t lodge the annual return until you have submitted all your period returns for the financial year. Also, you will need to lodge an annual return even if you have already paid taxable wages following the lodgment of a final return.


Final Return


If you undergo a change of status during a financial year, you need to lodge a final return within 21 days of that change to finalise the payroll tax before your annual return. You can do this online.


Payroll Tax Returns: How to Pay Them?


There are various ways to pay payroll tax returns:

  • Electronic payments: Quote the payment reference code for each return lodged online. You can pay electronically via credit card using BPOINT for amounts between $10 and $50,000, BPAY, Electronic Funds Transfer (EFT) and direct payment through OSR online.

  • OSR online: Add your bank account details to OSR Online, submit your transaction, choose payments and pay the liability you want to pay.

  • Cheque: Make sure you have the right details for this that you can check online.

Conclusion


Lodgment and paying payroll tax returns may be a tedious task, but it’s something you need to do as a business owner. Therefore, if you can, get the right help. An accountant can help you through the process while you focus on other aspects of growing your business. Doing so will also help alleviate some stress on your shoulders.


Get the best accountant on the Gold Coast today. Let New Wave Accounting take care of your accounting needs so you can focus on handling other business matters. Call us today to get started!


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