The CLP has pledged to raise the tax-free threshold for payroll tax small businesses pay if elected in August, that will see Territory employers with payrolls below $2.5 million not pay any payroll tax at all, in an effort it says to “get the economy moving forward”.
The current payroll tax-free threshold is $1.5 million, while the campaign pledge would create the largest tax-free threshold in the country ahead of the ACT’s $2 million threshold. The CLP has also pledged to make apprentice and trainee wages exempt from payroll tax.
A terrible tax, when it was first introduced it only effected are 5% of companies now because of bracket creep many small businesses are effected