An estimated 40,000 small businesses will benefit, after the NSW Government announces increases to the payroll tax threshold from $750,000 to $1 million.
The move will be introduced progressively over the next four years, starting with an increase to $850,000 from the 2018-19 financial year.
Under the proposal, close to 40,000 businesses will benefit with savings of up to $5,450 this financial year and up to $13,625 by the 2022 financial year, while some 5,000 businesses will ultimately be freed from paying the unpopular tax altogether.
