Qld Payroll Tax Flashcards
What is payroll tax?
A tax imposed on employers based on the wages they pay to their employees.
True or False: Payroll tax in Queensland is a federal tax.
False
What is the current payroll tax rate in Queensland?
The payroll tax rate in Queensland is 4.75%.
Fill in the blank: Payroll tax is calculated on the total ______ paid to employees.
wages
What is the threshold for payroll tax liability in Queensland?
The threshold is $1.3 million in wages.
True or False: All businesses in Queensland must pay payroll tax.
False
What types of wages are included in the payroll tax calculation?
Salaries, bonuses, commissions, and superannuation contributions.
What is the purpose of payroll tax?
To generate revenue for state government services and infrastructure.
How often must employers report and pay payroll tax in Queensland?
Monthly or quarterly, depending on the employer’s tax liability.
Which entities are exempt from payroll tax in Queensland?
Certain charities, non-profit organizations, and public educational institutions.
What is the penalty for late payment of payroll tax?
Interest and penalties can be applied to late payments.
What is the payroll tax exemption for businesses under the threshold?
Businesses with total wages below the threshold do not have to pay payroll tax.
True or False: Payroll tax is a progressive tax.
False
What is the role of the Queensland Revenue Office in payroll tax?
To administer and enforce payroll tax laws.
Multiple Choice: Which of the following is NOT included in payroll tax calculations? A) Bonuses B) Overtime C) Reimbursements
C) Reimbursements
What is the impact of payroll tax on business decisions?
It may influence hiring, wage levels, and overall business costs.
What should employers do if they exceed the payroll tax threshold?
They should register for payroll tax and start filing returns.
Fill in the blank: Payroll tax is assessed on the total ______ of all employees.
wages
What is the annual reporting requirement for payroll tax in Queensland?
Employers must submit an annual reconciliation of their payroll tax obligations.
True or False: Payroll tax rates can vary by industry in Queensland.
False
What is the minimum amount of payroll tax payable in Queensland?
There is no minimum amount; it depends on the total wages paid.
What are the consequences of failing to register for payroll tax when required?
Fines and back payment of taxes owed may apply.
Multiple Choice: Which of the following is a payroll tax exemption in Queensland? A) Small business B) Non-profit organizations C) Corporations
B) Non-profit organizations
What is the maximum penalty for late payroll tax payment in Queensland?
The penalty can be up to 75% of the unpaid tax.
