Business is about to get better for Townsville businesses thanks to this year’s State Budget.
Minister for Employment and Small Business Shannon Fentiman met with small business owners at the Townsville RSL to discuss how they can continue to grow their business.
“We know small and medium businesses are the engine room of our growing economy and we want to make sure they have the right support they need to grow and create more local jobs,” Ms Fentiman said.
“Payroll tax is the number one issue raised with me when I meet with small business owners.
“We have listened, I’m pleased that this year’s State Budget has delivered $885 to target payroll tax initiatives to support businesses to 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.”
“And for regional businesses who employ locally, they will receive an extra 1% payroll tax discount.”
“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 July 1.”
Member for Thuringowa Aaron Harper said from July 1 Queensland will have one of the lowest payroll tax threshold rates in the country.
“Our combined payroll tax changes will mean an estimated 500 businesses will be better off in Townsville,” Mr Harper said.
“We want to see new businesses start and existing businesses grow and flourish.”
Queensland Small Business Champion Maree Adshead said she had heard a lot of positive feedback from businesses around the state about the new tax relief package.
“Business owners and accountants with a lot of small business clients are looking forward to all of the elements of this package being available from next month,” Ms Adshead said.
“I have already heard from businesses saying they will be able to offer a full-time position to a casual staff member or increase the hours of a part-time worker thanks to these changes. Planning ahead is a bit easier and the future for many businesses is brighter now.”
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.”