MP INTRODUCES BILL TO ABOLISH PAYROLL TAX FOR BUSH BUSINESSES

MP INTRODUCES BILL TO ABOLISH PAYROLL TAX FOR BUSH BUSINESSES

Photo caption: Northern Tablelands MP Adam Marshall, left, with owner of Terry Rhodes Earthmoving in Armidale, Terry Rhodes, supporting the MP’s move to abolish payroll tax for regional NSW businesses.

Tuesday, 19 March 2024

MEMBER for Northern Tablelands Adam Marshall has today introduced legislation into State Parliament to abolish payroll tax throughout regional NSW, ensuring businesses in the bush can grow and thrive without financial penalties.

Mr Marshall gave notice of motion of his bill, the Payroll Tax Amendment (Regional NSW Exemption) Bill 2024, this morning in Parliament.

“Payroll tax is outdated and archaic, costing regional businesses millions of dollars each year,” Mr Marshall said.

“I’ve been talking to local businesses who are looking to expand, or who are feeling the bite from cost-of-living pressures, and who are enormously tired of government restrictions.

“I have long said that payroll tax is a huge burden on larger businesses, it is a terrible and punitive tax – it is a tax on employment in that the more employees you have the more tax you pay.

“NSW’s current payroll tax rate is 5.45 per cent above the threshold of $1.2 million with regional NSW contributing to about 8.2 per cent of total payroll tax revenue.”

Mr Marshall said the bill would create a special economic zone covering all regional NSW, that is, everything outside of greater Sydney, Newcastle, and Wollongong.

“Everything within that special economic zone would be exempt from paying payroll tax,” he said.

“We are following the example of Victoria as regional Victoria has a different payroll tax rate to Melbourne, positively encouraging growth in the regions.

“The government should be helping businesses grow, not taxing them, and helping them contribute to the economic prosperity of regional NSW.

“I know it will be a short term hit to the budget’s bottom line but the long-term economic benefit to the state could be enormous.

“Country NSW would be the only area in all of Australia where there is no payroll tax liability.

“This will undoubtedly result in new businesses relocating from interstate, bring pour regional communities growth and prosperity.”

Owner of Terry Rhodes Earthmoving in Armidale Terry Rhodes said abolishing payroll tax liabilities would help support regional businesses.

“Abolishing our payroll tax liabilities will help our business grow,” Mr Rhodes said.

“This will allow reinvestment of funds into innovation and job creation, helping to keep the economy in the bush rolling.”

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