Australia eyes state tax review

All Australian states and territories impose a payroll tax on the balance of wages after a company exceeds a stipulated threshold.

Australia is potentially looking to create a special policy for entrepreneurs and abolish payroll tax in the state of New South Wales (NSW).

NSW Small Business Minister John Barilaro has had discussions with his federal counterpart, Bruce Billson, and NSW Treasurer Andrew Constance on the topic, according to news provider The Australian.

All Australian states and territories impose a payroll tax on the balance of wages after a company exceeds a stipulated threshold.

The threshold in NSW is $750,000 per year at a tax rate of 5.45%, while Queensland firms pay 4.75% after the first A$1.1m.

The Henry Tax Review found payroll tax more damaging to the economy than company tax.

See more from this Government Report: Australia

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