Budget 15/16: Tax Cuts to get business moving
Our taxation system should encourage investment and grow jobs – that is why the State Budget includes important changes to our State’s taxation system.
A major tax reform package will see almost $670 million in tax reductions to businesses and the community over the next four years.
The changes represent the most comprehensive state tax reforms in South Australia’s history.
Every single business and enterprise in South Australia, whether big or small, can benefit from these changes which include abolishing stamp duty on non-residential land purchases and extending payroll tax concessions.
Over the next decade these tax changes will return almost $2.5 billion to businesses and the community.
These changes are about rewarding activity, the doers, the risk takers, the small business owners, entrepreneurs, our miners and explorers, the start-ups, new and long established family businesses, our farmers and primary producers, our retailers, our developers, our service industry and our manufacturers.
This is in addition to the State Government’s reforms to WorkCover, which will deliver a reduction in business costs in South Australia of about $180 million per annum from 1 July this year.