WESTERN Australias new Labor government has turned to big business in its bid to repair the states diabolical finances, imposing a payroll tax levy on large corporations, while gold miners will be hit with higher royalties.
For five years starting on July 1, employers with a nationwide payroll between $100 million and $1.5 billion will be taxed at a rate of six per cent, up from 5.5 per cent.
Those with a payroll exceeding $1.5 billion will be taxed at a rate of 6.5 per cent.
The increases are expected to trim $435 million from net debt over the forward estimates and affect 1200 business or 0.5 per cent of the states corporate world.
I understand fully theyre not going to appreciate it, Treasurer Ben Wyatt told reporters.
The Business Counci…
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