Kate Carnell says that Payroll tax holds small businesses back and that the payroll tax cuts that will occur in the Victoria region will in fact help with assisting jobs and growth in general. This a very good thing for small businesses too because the payroll tax is a very big burden for those small businesses and without it they can do more. This means they could hire more people or invest more in their business.
Key Takeaways:
- The rate of payroll tax will be reduced from 4.85 per cent to 3.65 per cent for regional businesses.
- The payroll tax cuts will lead to job growth due to more money in employer’s hands.
- Lower taxes leads to lower regulatory and administrative burden for small businesses.
“Small businesses are the engine room of the economy, employing the majority of Australians. It is vitally important that governments at all levels support their growth and allow them to get on with the business of running their business and employing more people”
Read more: https://insidesmallbusiness.com.au/planning-management/payroll-tax-cuts-a-boost-for-small-businesses
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