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05 May 2021
Member for Ripon Louise Staley is confident her electorate would be a major winner under a Liberal-Nationals Local Business Action Plan.
Ms Staley said jobs would be the centrepiece of the plan if the Coalition won government, leading to about 15,000 Victorian small businesses being removed from a payroll tax system.
“Small businesses in Ripon pay too much tax – and the bigger they grow, the more Victorians they employ, the more they pay,” she said.
“The Local Business Action Plan means a saving of up to $43,650 each year on payroll tax for small business.”
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Ms Staley said support for small business was more important than ever after a tough 12 months.
“As we emerge from the health crisis caused by COVID-19, small business must be at the forefront of the recovery, and this plan is all about supporting small businesses,” she said.
“Payroll tax is a tax on jobs, and the Liberal-Nationals will cut this tax to create more Victorian jobs.
“Under Labor, Victoria has the worst small-business payroll tax in the country.
“The Liberal-Nationals will turn this around and make this state the best place to start and grow a small business.
“Our local small businesses are fundamental to keeping Ripon strong and supporting our local economy. They hate payroll tax as it’s a tax and handbrake on employing people.”
Ms Staley said under the plan an O’Brien government would increase the threshold at which a business was liable to pay payroll tax to $1.6-million.
She said the current Victorian payroll tax threshold of $650,000, scheduled to increase to $700,000 in 2022-23, was the worst of any Australian state or territory.
“Our reform will make Victoria the most competitive state for small business payroll tax,” she said.
“The Liberal-Nationals payroll tax reform plan ensures: One, businesses won’t pay a cent of payroll tax until their wages bill is greater than $1.6-million; two, no business will pay the full rate of 4.85 percent of payroll tax until their wages bill reaches $2-million. Payroll tax would be phased in gradually between $1.6-million and $2-million – ensuring no business is hit with a sudden tax hike as they employ more Victorians; and three, all businesses, regardless of their total wages bill, subtract $800,000 from their assessable payroll when determining tax liability.
“We will continue to fight for small businesses in Ripon and will be relentless in creating the most attractive state in our country for small business to start up, grow and employ Victorians.”
The entire May 5, 2021 edition of The Weekly Advertiser is available online. READ IT HERE!