The New South Wales budget for 2020-2021 has a strong focus on job creation, as well as proposals to introduce certain major tax reform measures.
Among the possible tax reform initiatives would be reforms of the stamp duty and land tax regimes, with the government's proposed consultation on replacing stamp duty and land tax with a single property tax on an "opt-in" basis for future purchasers.
Another measure would permanently increase the payroll tax threshold from $1 million* to $1.2 million and would make permanent a temporary (2020-2022) reduction in the payroll tax rate by 0.6 of a percentage point. Also, the “Jobs Plus” program (running from December 2020 through June 2022) would exclude the wages of newly hired employees from payroll tax when the employer’s staff numbers increase by 30 or more persons.
Read a November 2020 report [PDF 310 KB] prepared by the KPMG member firm in Australia
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