Parliamentary Secretary for the Central Coast Scot MacDonald MLC has welcomed today’s announcement by NSW Treasurer The Hon. Dominic Perrottet of payroll tax reform.
The NSW Liberal National Government will as part of the 2018 State Budget lift the payroll tax threshold from the current level of $750,000 to $1 million by 2021-22.
The threshold will rise to $850,000 in 2018-19, $900,000 in 2019-20, $950,000 in 2020-21 and $1 million in 2021-22.
Nearly 40,000 NSW businesses will save up to $5,450 each in 2018-19 and up to $13,625 per business in 2021-22.
Mr MacDonald acknowledged the continued role and sustained advocacy of the Central Coast Business Chamber in supporting payroll tax reform.
“Central Coast NSW Business Chamber have consistently put forward the case for payroll tax reform to support local business and local employment, and today’s announcement is a great accomplishment for the Chamber, their member businesses and the Central Coast,” Mr MacDonald said.
“It is only because of the NSW Liberal National Government’s prudent economic management that we are in a position to reform the payroll tax system and support our hard working small businesses.”
The increase to the payroll tax threshold means more than 5,000 NSW businesses will no longer need to meet payroll tax compliance costs by 2021-22.
The review of the Payroll Tax Administration’s consultation paper is available at: www.treasury.nsw.gov.au/projects-initiatives/review-payroll-tax-administration
NSW Treasury is seeking the views of stakeholders with final submissions due on 6th July 2018.