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10 Jun

Canberra raises the Bar

ANDREW Barr says the 2016/17 ACT Budget will provide further support for Canberra businesses by lifting the payroll tax threshold to $2 million.

“This latest change means that any Canberra business that generates less than $2 million per year will be exempt from payroll tax,” Andrew said.

“This means about 40 local businesses will no longer have to pay payroll tax. (These are businesses with payrolls of between the current threshold of $1.85m and the new threshold of $2.0m, who are currently paying the tax). “In addition, lifting the payroll tax threshold will give a $10,000 a year tax cut to every business with a payroll of over $2m. Since 2012, the total amount of tax the ACT Government has removed for a firm with a payroll over $2m is $34,250.”