Kellie Sloane
Leader of the Opposition
NSW Liberal Leader
Gurmesh Singh
Shadow Minister for Small Business
NSW Nationals Leader
Scott Farlow
Shadow Treasurer
A new campaign demanding an end to mounting small business costs should be a wake-up call for Chris Minns and Anthony Albanese, as NSW business owners face pressure from Labor governments in both Canberra and Macquarie Street.
The campaign, backed by Sydney mortgage broker Joseph Daoud, launches today as business owners warn rising costs, interest rates and federal tax changes are threatening their livelihoods.
The reports detail concerns about proposed changes to discretionary trusts, the cost of professional advice and restructuring, and businesses having to absorb card payment fees or pass them on to customers when surcharges are banned.
In NSW, those pressures are compounded by an economy that has flatlined, and a payroll tax threshold that remains frozen at $1.2 million, exposing businesses to higher tax bills as wages rise.[1]
Leader of the Opposition Kellie Sloane said Labor is punishing businesses instead of recognising their contribution to economic growth.
“Business owners are crying out for help after putting everything on the line, only to find the Minns and Albanese Governments taking more,” Ms Sloane said.
“At a time of record business closures, we must support businesses, because they are the key to economic growth and ensuring NSW returns to the top of the pack.”
Shadow Minister for Small Business and NSW Nationals Leader Gurmesh Singh said business owners needed relief from both levels of government.
“This campaign reflects the frustration of people who have poured their savings and years of hard work into a business, only to find it getting harder to keep the doors open,” Mr Singh said.
“Anthony Albanese is adding tax uncertainty in Canberra while Chris Minns leaves businesses exposed to rising payroll tax bills in NSW.”
Shadow Treasurer Scott Farlow said the reforms would address a cost the NSW Government had direct power to reduce.
“A higher wages bill does not mean higher profits, but with the threshold frozen under Chris Minns, businesses can face a bigger tax bill simply for keeping pace with wages,” Mr Farlow said.
“When it comes to discretionary trusts, NSW has also left the door open to adding insult to injury by collecting stamp duty on small businesses who are forced to change their arrangements as a result of the Albanese Government’s tax grab.”
A NSW Liberals and Nationals Government will:
- Raise the payroll tax-free threshold from $1.2 million to $1.5 million.
- Reduce the payroll tax rate from 5.45 per cent to 4.75 per cent for businesses with a total Australian payroll below $10 million.
- Index payroll tax thresholds to CPI to end bracket creep.
