It’s not easy running a small business.
They were hit the hardest by Daniel Andrews’ world-record lockdowns, and they are now being hit with rising inflation, labour and skills shortages, and spiralling energy costs.
That’s why helping small and family businesses to get ahead is a very important part of our Long Term Economic Plan.
Under our changes, around an additional 13,300 small business will pay no payroll tax whatsoever, while another 14,700 small business with a payroll of between $1.6 million and $2 million will receive a meaningful reduction in their annual payroll tax bill of up to $43,650.
We will achieve this by increasing the threshold at which a business becomes liable to pay payroll tax from $700,000 to $1.6 million, and phase in the payroll tax rate for businesses with a payroll between $1.6 million and $2 million.
Importantly, we can only afford to do this because we are capping Daniel Andrews’ spiralling debt, cutting Labor waste and redirecting the $35 billion from the Cheltenham to Box Hill rail line to fixing the health crisis.
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