The New South Wales (NSW) Treasurer announced the following tax initiative as part of the 2020 state Budget.
The Payroll Tax Act 2007 will be amended to provide a temporary reduction of the payroll tax rate used to calculate the payroll tax imposed on taxable wages. A temporary reduction in the NSW payroll tax rate to 4.85% will be applicable from July 1, 2020 to June 30, 2022. The tax-free threshold will increase from $1 million to $1.2 million for the financial year commencing on July 1, 2020.
In order to ensure compliance with these legislative initiatives Oracle has updated our position statement on My Oracle Support, Document ID 2626371.1, detailing the requirement and information on solution delivery. We encourage our customers to review the statement regularly to keep up to date.