The NSW Liberals and Nationals have a plan to support families, back jobs and get NSW back to the top of the pack by delivering the most competitive payroll tax regime in Australia as part of a comprehensive plan to grow the economy and create more jobs.
Member for Terrigal Adam Crouch said a strong economy was essential to creating opportunities for local families and businesses.
“Small businesses across the Central Coast are doing it tough, facing higher costs, weaker confidence and growing uncertainty about the future,” Mr Crouch said.
“Businesses want to invest, hire more people and grow our local economy, but Labor is making it harder for them to get ahead.”
A Sloane Liberal and Nationals Government will create the most competitive payroll tax regime in Australia by:
- Raising the payroll tax threshold from $1.2 million to $1.5 million.
- Reducing the payroll tax rate from 5.45 per cent to 4.75 per cent for businesses with a total Australian payroll below $10 million.
- Introducing CPI indexation to payroll tax thresholds to eliminate bracket creep.
These reforms will remove around 4,000 businesses from the payroll tax system altogether and ensure a further 25,000 businesses receive the lowest payroll tax rate of any Australian state.
For many businesses, this will mean annual savings of up to $75,850.
The NSW Liberals and Nationals will also restore certainty for business by:
- Repealing Labor’s union spy powers laws.
- Doubling the funding for Business Connect.
- Putting downward pressure on business power bills by increasing energy supply, improving energy security and generating more power closer to where it is used, reducing reliance on costly transmission infrastructure.
- Developing five sector strategies covering agriculture, financial and insurance services, health care, construction and manufacturing, and retail, hospitality and tourism.
Scott Goold, Regional Director at Business NSW Central Coast said he welcomed the commitment from the NSW Liberals and Nationals to overhaul the payroll tax system.
“Many Central Coast business owners rate it as a major concern and a handbrake on growing their businesses,” Mr Goold said.
“This initiative will go a long way to boost business confidence and boost jobs growth.”
Leader of the Opposition Kellie Sloane said growing the economy starts with creating the conditions for new and better paid jobs.
“Payroll tax is a tax on jobs, investment and growth. If we want more businesses to invest, employ more people and expand, we need a more competitive tax system.”