Mark Speakman
NSW Leader of the Opposition
Damien Tudehope
Shadow Treasurer
Tim James
Shadow Minister for Small Business
Secret government documents have revealed Labor's hidden tax grab. The Minns Labor Government is pocketing billions in extra revenue through bracket creep, quietly pulling more from businesses without changing a single law or making a single announcement
Payroll tax thresholds have been frozen since Labor came to power. When the Liberals and Nationals were in government, we lifted the payroll tax threshold time and again to give small businesses breathing room. Labor has done the opposite.
This now means 1,200 more businesses are dragged into payroll tax every year, punished for hiring more people and paying better wages. Treasury forecasts show bracket creep will gouge an extra $500 million from employers over the next four years.
On top of that, Labor scrapped the indexation of land tax thresholds. Treasury now confirms that this decision will pocket more than $18 billion over the next decade. By 2033-34, almost a third of all land tax collected will be the result of this freeze.
Instead of encouraging growth, the Minns Labor Government is punishing it. At a time when NSW needs productivity, investment and jobs, Labor's answer is higher bills and heavier burdens.
Leader of the Opposition Mark Speakman said Labor governments always find ways to spend other people's money.
"Now we know the Minns Labor Government is taxing by stealth, punishing businesses and families for working harder and trying to get ahead," Mr Speakman said.
Shadow Treasurer Damien Tudehope said bracket creep is a silent tax.
"There is no law change, no debate, just more money flowing into Treasury while businesses and landholders are left worse off," Mr Tudehope said.
Shadow Minister for Small Business Tim James said every year, another 1,200 small and medium businesses are dragged into payroll tax because Labor froze the threshold.
"These are family businesses trying to grow, hire and contribute, yet Labor sees them as nothing more than a cash cow," Mr James said.
