The Palaszczuk Government is backing small and medium-sized businesses in Toowoomba through an $885 million payroll tax initiative to help businesses create more jobs.
The initiative includes raising the payroll tax exemption threshold from $1.1 million to $1.3 million, which means an additional 1500 Queensland businesses no longer pay payroll taxes.
Minister for Employment and Small Business Shannon Fentiman said that the package will support businesses to help drive our economy and create more jobs.
“This package is expected to lower taxes for more than 13,000 small and medium businesses, including hundreds of businesses in Toowoomba,” Ms Fentiman said.
“Payroll tax is the number one issue raised with me when I meet with small business owners across the state.
“Small businesses are the powerhouse of Queensland’s economy and the Palaszczuk Government continues to listen to them – and back them.
“That’s why I’m pleased that under this year’s State Budget, we have put small and medium-sized businesses front-and-centre with our payroll tax initiatives.
“As of this month, Queensland now has one of the highest payroll tax threshold rates and lowest tax rates in the country.
Additionally, the package includes an extension of the 50 per cent pay roll tax rebate to businesses taking on an apprentice or trainee, and a new rebate for Queensland employers that grow the number of full-time employees.
Queensland Small Business Champion Maree Adshead said she had heard a lot of positive feedback from businesses around the state.
“Business owners and accountants with a lot of small business clients are looking forward to all of the elements of this package.” Ms Adshead said.
“I have already heard from businesses saying they will be able to offer a full-time position to a casual staff member or increase the hours of a part-time worker thanks to these changes. Planning ahead is a bit easier and the future for many businesses is brighter now.”
On top of the new payroll tax initiatives, the Palaszczuk Government offers a range of information, support and programs to help start new businesses or grow existing ones.
The Palaszczuk Government has committed an additional $4 million to the small business grants programs, develop an online Queensland Business Launch Pad that will provide an information one-stop-shop and deliver a tool to make employing an apprentice or trainee easier for small business.
The Government has also released the Queensland Small Business Procurement Commitment, which makes it easier for small businesses to become Government suppliers and reduce payment times.