On a daily basis, as an Accountant I deal with many different types of taxes. The one that I find particularly hard to accept is Payroll Tax – who ever thought of taxing employers for employing staff? Well, the State Government certainly did!
While it pains us to pay it, there has been a slight reprieve in the recent State Budget. For the next financial year, the threshold has increased from the current $750,000 per annum to $850,000 per annum. This means employers can now pay greater wages without being taxed and for those that had previously exceeded the threshold there is a saving.
Not only that, but they have also committed to investing heavily in other regional NSW projects such as infrastructure, transport and tourism. One begs the question, with all this investment it can only stand to increase employment in the area which in turn will increase the revenue from their Payroll Tax. Cynical much?
– Posted 22.6.18
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