Liberals to deliver Small Business tax relief

Zak Kirkup and the Liberals will deliver payroll tax relief of up to $30,000 per year for around 5,500 small businesses in Western Australia as a key plank of their blueprint for a better, brighter tomorrow.

Liberal Leader Zak Kirkup said the policy would see Western Australia have the lowest small businesses payroll tax of any state in the country.

“Under this policy, all small businesses with payrolls up to $1.5 million will have no payroll tax, which is a substantial increase from the current $1 million threshold,” Mr Kirkup said.

“Small businesses are critical to the Western Australian economy so it is vital that we support them with a plan for future growth as we strive towards achieving our goal of adding 200,000 new jobs over the next five years.”

Businesses with a payroll of up to $3 million will also receive a partial rebate under the policy, with the amount tapering down from 100% after $1.5 million.

“For example, a small business with a payroll of around $1.5 million will receive a rebate of around $30,000 per annum – or $150,000 over the next five years,” Mr Kirkup said.

“This tapers down to around $10,000 per annum for businesses with a payroll of around $2.5 million.”

Shadow Minister for Small Business Alyssa Hayden said payroll tax was a tax on jobs, so any reduction would help small businesses.

“We are aware of the financial challenges that many small businesses are facing through COVID and we need to help as many of them as possible to survive, recover and thrive,” Ms Hayden said.

“This will be particularly important once JobKeeper payments stop, as we already have too many West Australian’s out of work.

“Only the Liberals have policies that will deliver real support to our small businesses and save local jobs.”