How to lodge your annual reconciliation

Description

If you are liable for payroll tax, you have to lodge an electronic annual reconciliation through Payroll Tax Express.

Transcript

If you are an employer in Victoria and your total Australian wage bill goes over a monthly threshold, you may be liable for payroll tax.

And if you’re liable for payroll tax, you must lodge an annual reconciliation through our secure online system, Payroll Tax Express.

If you haven’t already registered for payroll tax, you need to register via Payroll Tax Express before you can lodge your annual reconciliation.

The annual reconciliation process is designed to reconcile all taxable wages and any payroll tax liability payments, excluding penalties and interest, you made during the financial year.

It should take about 30 minutes to complete.

If you lodge monthly returns, you do not need to lodge a monthly return for June. Taxable wages for June are included in the annual wage amount you provide in your annual reconciliation.

You must lodge your annual reconciliation by the 21st of July each year. The 21st of July is also the due date for payment.

If the 21st of July falls on a weekend, the due date is the next business day. Extensions are not available.

If we have not received your completed annual reconciliation and payment by the due date, penalty tax and interest may apply.

The annual reconciliation is available from the middle of June.

Once you have lodged your annual reconciliation, you can make changes any time before the following May by lodging a replacement annual reconciliation in Payroll Tax Express.

There are 4 steps to lodge your annual reconciliation.

• Gather your supporting information.
• Complete your calculations.
• Lodge your annual reconciliation.
• Pay your liability.

Further instructions, including a list of all the supporting information you need to gather, and a worksheet to help you calculate your total taxable wages, are available on our website: sro.vic.gov.au/annualreconciliation.