Changes to payroll tax from this year’s State Budget come into effect today, with an estimated 13,000 Queensland businesses to benefit from these changes.
Minister for Employment and Small Business Shannon Fentiman visited New Farm Confectionery to discuss how the changes will help their business.
“New Farm Confectionery are one of thousands of businesses who have had the right support from our grants and mentoring programs to be able to grow their passion into a successful business,” Ms Fentiman said.
“And the payroll tax changes which will come into effect today will help even more businesses to grow and create more jobs.”
“Payroll tax is the number one issue raised with me when I meet with small business owners.
“We have listened, and I’m pleased that under this year’s State Budget $885 million has been committed to target payroll tax initiatives to support businesses to drive our economy and create more jobs.
“This includes increasing the exemption threshold for payroll tax for all Queensland businesses from $1.1 million to $1.3 million – this will mean 1500 additional businesses will no longer pay any payroll tax.”
“We have also extended our 50 per cent payroll tax rebate for business taking on an apprentice or trainee and where Queensland employers have increased their number of full-time employees, they will be eligible for a payroll tax rebate for these additional employees from today.”
Member for McConnel Grace Grace said starting today, Queensland will have one of the highest payroll tax thresholds and lowest tax rates in the country. This makes Queensland one of the most competitive states to start and grow a small business.
“It’s fantastic to see that around 2800 businesses like New Farm confectionery will be better off in the Brisbane region thanks to the combined payroll tax changes under this year’s budget,” Ms Grace said.
“This is a budget that’s all about supporting local businesses and creating more jobs.”
New Farm Confectionery Director Jodie Neilson said the payroll tax changes along with $50,000 from the Queensland Government’s Business Growth Fund would help the business’ development.
“It is in our nature as confectioners to always be dreaming up the next tantalising development to surprise and delight our ever-growing base of sweet fans,” Ms Neilson said.
“The changes to the payroll tax package give us more room to provide jobs for like-minded locals, as we launch new products and work towards opening a new shop in a few months’ time.
“With two new machines on the way from Belgium plus a third to be ordered, thanks to the support of the Business Growth Fund, we will be expanding our range of offerings and increasing production at a rapid rate, but is also what we need in order to enter into the next phase of the New Farm Confectionery dream; to become a household name.
“Being on the precipice of growth from an emerging business into an established business, to feed not only our internal business dream, but to also be able to deliver on the growing customer demand for the brand, is a daunting place to be but this support from the Queensland Government makes life a little sweeter for us.”
The Queensland Government offers a range of information, support and programs to assist new businesses to start and existing businesses to grow.
“In addition to the payroll tax package, in this year’s State Budget we have committed a further $4 million to continue our successful small business grants, we will develop an online one-stop-shop for businesses and an online tool to make employing an apprentice or trainee easier for small business,” Ms Fentiman said.
“We have also recently released the Queensland Small Business Procurement Commitment, which is working to make it easier for small businesses to work with Government and reduce payment times from 30 days to 20 days.”