Legislative Update for PeopleSoft HCM Global Payroll Australia – ACT Payroll tax surcharge

The Chief Minister of the Australian Capital Territory (ACT) presented the territory’s budget for the 2024-25 fiscal year on June 25, 2024. The budget incorporates taxation changes that form part of the ACT’s ongoing tax modernization program. Starting July 1, 2024, a payroll tax surcharge will be imposed on large businesses in the ACT. The surcharge rates are as follows:

• An additional 0.25% on ACT taxable wages exceeding the payroll tax threshold for businesses with annual Australia-wide wages above $50 million ($4,166,666.66 monthly).
• An additional 0.5% on ACT taxable wages exceeding the payroll tax threshold for businesses with annual Australia-wide wages above $100 million ($8,333,333.33 monthly).
• Universities with a campus in the ACT will be exempt from the additional payroll tax surcharge.

The Position Statement has been revised to include more details about these legislative updates and the patch availability. We encourage our customers to review the position statement regularly to stay updated. The Position Statement can be found on My Oracle Support, Doc ID 2973834.1.