Master Builders SA has welcomed the State Government’s decision to extend the small business payroll tax rebate for another four years.
Chief Executive Officer Ian Markos said the measures, announced as part of the coming State Budget, were the right decision to support South Australian jobs.
“South Australia has the highest unemployment rate across the country and with the closure of the State’s automanufacturing sector next year, now is not the right time to abandon support for the State’s small businesses,” he said.
“Master Builders SA called for the extension in its Budget submission to support the jobs of today and to make it easier to create the jobs of the future, so we are delighted that there is widespread agreement on these sensible measures.
Businesses with taxable payrolls of up to $1.2 million will receive a rebate as part of the year-end reconciliation process. The following rates will be available:
|Taxable Payroll||Tax Rate||Rebate Rate|
|$600,000 – $1 million||4.95 %||2.45 %|
|$1,000,001 – $1,050,000||4.95 %||1.95 %|
|$1,050,001 – $1.1 million||4.95 %||1.45 %|
|$1,100,001 – $1.15 million||4.95 %||0.95 %|
|$1,150,001 – $1.2 million||4.95 %||0.45 %|
|More than $1.2 million||4.95 %||–|
The rebate would cut the payroll tax on a $1 million taxable payroll from $19,800 to $10,000.
The State Government’s announcement can be viewed here.