Changes to payroll tax from this year’s State Budget came into effect on 1 July 2019, with an estimated 13,000 Queensland businesses to benefit from these changes.
Payroll tax changes will help more businesses grow and create more jobs.
Under this year’s State Budget $885 million has been committed to target payroll tax initiatives to support businesses to drive the economy and 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 1,500 additional businesses will no longer pay any payroll tax.” Said Minister for Employment and Small Business Shannon Fentiman.
“We have also extended our 50 per cent payroll tax rebate for businesses 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 today.”
Starting 1 July, Queensland will have one of the highest payroll tax thresholds and lowest tax rates in the country. This makes Queensland one of the most competitive states to start and grow a small business.
Around 2800 businesses will be better off in the Greater Brisbane region as a result of the combined payroll tax changes under this year’s State budget.
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.”
For further information visit www.business.qld.gov.au or call 1300 369 935.
View the full press release.