Premier Steven Marshall has toured family-owned dairy producer and exporter, Moo Premium Foods, in Adelaide’s eastern suburbs this morning as he continues to sell the State Liberal Government’s major payroll tax relief reforms.
The Glynde company – which employs 22 people and produces more than 100,000 tubs of yoghurt each week – is one of thousands of small businesses across South Australia to benefit from the payroll tax cuts to come into effect on January 1.
“Small businesses like Moo Premium Foods underpin our state’s economy and this government is committed to helping ease their cost base so they can grow, thrive and ultimately employ more South Australians,’’ said Premier Marshall.
“This is a significant kick-starter for our economy and will make South Australia a far more attractive place in which to invest.
“By cutting payroll tax for all small businesses we not only deliver on a key election promise within our first 100 days, we help stimulate real jobs growth. Businesses have been crying out for this type of reform for years.”
The Payroll Tax (Exemption for Small Business) Amendment Bill 2018, introduced to State Parliament, lifts the existing tax-exempt threshold from $600,000 to $1.5 million – saving companies up to $44,550 a year.
In an added boost, a further 400 businesses with payrolls between $1.5m and $1.7m will receive a reduction in the amount of payroll tax they are required to pay.
Premier Marshall said the change would give greater confidence to small businesses wanting to expand.
“This significant reform will put around $44 million a year back into the pockets of small businesses to reinvest into their operations to drive growth,’’ said Premier Marshall.
“The State Liberal Government is sending a clear signal that South Australia is open for business.”