One of the good news stories that has come from the release of the Queensland Budget is that the payroll tax threshold is increasing to $1,300,000 from $1,100,000 from 1 July 2019. As a result of these changes the government is estimating that 1,500 businesses will no longer be required to pay payroll tax and as a result can use these funds to grow their business.
There will also be other payroll tax incentives provided to those employers who increase number of employees each year (be able to receive $20,000 rebate) and also those who employee apprentices and trainees (will be able to get a 50% rebate).
Another win is for regional Queensland; if your business predominantly operates in this area, your business will also be entitled to a further reduction of 1% off your payroll tax liability.
Why not move your business operations to Queensland, when you consider the recent statistics from the government, that the payroll tax threshold in Queensland is 93% better than for business in Victoria and 50% better than NSW.
Can I hear you say QUEENSLANDER! QUEENSLANDER! QUEENSLANDER!
To read more on the Queensland payroll tax changes please refer to the below link:
Payroll Tax – New South Wales
After bowing to the pressure from the north, the NSW government has also increased their payroll tax thresholds to be as follows:
- From 1 July 2019 to 30 June 2020, the threshold will be $900,000
- From 1 July 2020 to 30 June 2021, the threshold will be $950,000
- From 1 July 2021 to 30 June 2022, the threshold will be $1,000,000
To read more on the NSW payroll tax and transfer duty threshold changes, please refer to the below link.
With all these changes, PJT Accountants & Business Advisors can help you if you have any enquiry. Email us at firstname.lastname@example.org or call us at 5413 9300 and we will be glad to help you.