Account Daily’s article warns business owners of the increased penalties associated with avoiding payroll tax payments. Points to note from the article are as follows:
Penalties to increase by 400%
Penalties include jail time and fines of up to $110,000.
Revenue NSW may ‘name and shame’ offending businesses. This information is to be made available to Fair Work in supporting wage theft investigations.
Penalties will apply to those disposing of, falsifying, or poorly keeping their records.
Second-time offenders found avoiding payroll tax will incur harsher penalties.
The government is also calling for the establishment of a national framework to thwart wage theft.
