Small business payroll tax concession can breathe in some fresh air to the exhausted businesses in South Australia. Treasurer and Premier Jay Weatherill told media ”it would significantly halve the payroll taxes on small businesses”. If you are running a small business in South Australia, we have summarised the key points of this payroll tax concession plan for you. Please read below for more insights.
1) Initially a tax grant of upto $9800 or less would be provided to every eligible SME.
2) Businesses with yearly turnaround of $1.2 million or more may benefit from this payroll concession.
3) The grants will be paid to SMEs in cash upfront payments during a period of next two financial years.
4) The total cost to government would come around $21.6 Billion.
5) Five banks are part of this project through which cash grants could be collected, these are: Bank SA, Bendigo Bank, ANZ, the Commonwealth Bank and People's Choice Credit Union.
A recent statement made by Business SA CEO, Nigel McBride confirms the same. He said “We have told the Government that South Australian small business needs tax relief and the Premier has taken a step in the right direction by making this announcement.”
However, opposition treasury spokesperson, Iain Evans believes that the South Australian Government would collect $1.1 billion of payroll tax in the current financial year. Considering this huge amount a small concession of $11 million or simply said, 1 percent for two years is very less. He feels this step would surely be a welcome change for many despite the only drawback being its ‘short term’ status.
1) Initially a tax grant of upto $9800 or less would be provided to every eligible SME.
2) Businesses with yearly turnaround of $1.2 million or more may benefit from this payroll concession.
3) The grants will be paid to SMEs in cash upfront payments during a period of next two financial years.
4) The total cost to government would come around $21.6 Billion.
5) Five banks are part of this project through which cash grants could be collected, these are: Bank SA, Bendigo Bank, ANZ, the Commonwealth Bank and People's Choice Credit Union.
A recent statement made by Business SA CEO, Nigel McBride confirms the same. He said “We have told the Government that South Australian small business needs tax relief and the Premier has taken a step in the right direction by making this announcement.”
However, opposition treasury spokesperson, Iain Evans believes that the South Australian Government would collect $1.1 billion of payroll tax in the current financial year. Considering this huge amount a small concession of $11 million or simply said, 1 percent for two years is very less. He feels this step would surely be a welcome change for many despite the only drawback being its ‘short term’ status.
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