No new taxes under Liberal and Nationals Government

A re-elected Liberal and Nationals Government will guarantee that there will be no new taxes on households and small businesses in the next term of government.

Premier Dominic Perrottet said this guarantee would provide certainty to businesses and family budgets.

“Families and businesses are already better off today and paying less tax than they were under the last Labor government,” Mr Perrottet said.

“Since 2011, our Liberal and Nationals Government has made 33 tax cuts, putting $10.5 billion back in the pockets of those who need it most.

“We’ve slashed payroll tax nine times saving thousands of businesses over $5 billion. We’ve also increased the taxable income threshold by $522,000 to $1.2 million, meaning small businesses are no longer burdened with any pay payroll tax and medium-sized businesses are saving $28,500 a year.

“Our landmark stamp duty reforms, which give first home buyers the choice of paying a small annual fee instead of a large upfront stamp duty payment, will save families $900 million over the next four years.

“We are making a commitment to families and businesses across the state that there will be no new taxes in the next term of government under the Liberal and Nationals, providing them with financial certainty as they manage their budgets.

“Only a Liberal and Nationals Government can commit to no new taxes thanks to our long-term economic plan to keep our state moving forward.”

Treasurer Matt Kean said only the Liberal and Nationals Government has the budget discipline and track record to grow the economy, create jobs and deliver vital services for NSW.

“Taxes will always be lower under a Liberal and Nationals Government,” Mr Kean said.

“Committing to no new taxes in our next term of government gives families and small businesses reassurance as they manage their budgets.

“During their last term of government, NSW Labor introduced or increased taxes at least two dozen times. When Labor can’t manage their budget, they come after yours.”

List of Taxes Abolished or Decreased since 2011

Stamp duty: introduce First Home Buyer Choice for properties up to $1.5m giving first home buyers a choice between larger upfront stamp duty or lower annual payment

Land tax: extending principal place of residence exemption for building or renovating a home

Payroll Tax waiver of 50% in 2021-22 for businesses with Australian wages less than $10m

Stamp Duty waiver on Electric Vehicles sold for up to $78,000

Payroll Tax rate reduction from 5.45% to 4.85% in 2020-21 and 2021-22

Accelerate Payroll Tax threshold to $1 million from 1 July 2020

Payroll threshold increased from $1 million to $1.2 million

Payroll Tax waiver of 25% in 2019-20 for businesses with Australian wages less than $10m

Payroll Tax exemption for additional wages arising from JobKeeper

Transfer Duty reduction for one year for first home buyers purchasing new homes valued between $650,000 and $1 million

Freeze of indexation rates for heavy vehicles

Extension of the rebate for Primary Producer Heavy Vehicle registration

Emergency Drought Relief through one-year relief from Local Land Services annual rates and Farm Innovation Fund loan interest relief

Broadened Toll relief Program

Indexing Transfer Duty thresholds to CPI

Free registration on Primary Producer Heavy Vehicles

Emergency Drought Relief Package that includes free registration to agricultural vehicles, waiving local land services rates and waiving interest loans under the NSW Farm Innovation Fund

Introduced new $1 million Payroll Tax threshold

Caravan motor vehicle weight tax reduced by 40%

NSW Tolling Reward Plan: Introduced free motor vehicle registration for large toll consumers

Abolish insurance duty on commercial vehicle insurance for small businesses

Abolish Insurance Duty on professional indemnity insurance for small business

Abolish Insurance Duty on product and public liability insurance for small business

Abolish Insurance Duty on lenders mortgage insurance

Abolish Insurance Duty on crop and livestock insurance

Transfer duty exemption for first home buyers on new and existing homes valued up to $650,000, with discounts up to $800,000

Lowering NSW wagering tax rates to match Victoria’s

Abolition of stamp duty on business mortgages

Abolition of stamp duty on unlisted marketable securities

Abolition of transfer duty on non-real assets

Payroll tax threshold increase from $689,000 to $750,000

Raise the property value cap on first home buyer stamp duty concessions for new homes from $600,000 to $650,000

Payroll tax rebate for workers with a disability

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