ILLAWARRA BUSINESSES WILL BENEFIT FROM PROPOSED PAYROLL TAX REFORM

The Illawarra Business Chamber has welcomed proposed changes to the administration of payroll tax announced by the NSW Government which will reduce the burden of compliance for many Illawarra small businesses.

Following from the welcome lifting of the payroll tax threshold announced in the State Budget, the government has now moved to make administrative changes that will commence from next year, and will include one off automated payments and other practical measures to reduce what is estimated to cost affected businesses $10,000 on average.

The issue of payroll tax administration has the subject of strong advocacy by the Chamber and was highlighted by a recent survey of Chamber members, which indicated that for many business owners, administrative costs were more onerous than the tax itself.

“The government’s announcement is further welcome relief on payroll tax for small businesses across the Illawarra. We’re pleased that government continues to take on board our views in relation to cutting red tape and compliance costs, and this is another welcome step to make it easier to do business,” said Adam Zarth, Executive Director of the Illawarra Business Chamber.

“This follows the lifting of the Payroll Tax threshold from $750,000 to $1 million – another request made by the Chamber and delivered in the budget.”

Measures to reduce the administrative burden of payroll tax administration were proposed to government in the NSW Business Chamber’s July submission to the NSW Treasury Review of Payroll Tax Administration.

Some 11,000 small businesses across the state with a payroll tax liability under $20,000 will be able to pay their payroll tax annually by submitting a single annual return from July next year.

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