Payroll tax has been cut in the latest Northern Territory Budget. Treasurer Delia Lawrie says lowering the rate from 5.9 per cent to 5.5 will save Territory business A$6.6 million a year.
The tax-free threshold was also put up from A$1.25 million to A$1.5 million and the tax threshold altered to an annual deduction reducing by $1 for every $4 in wages paid over the limit.
Also in the new Budget, stamp duty for property transfers over A$3 million has been increased from 4.95 per cent to 5.45 per cent.
Meanwhile it has been announced also that A$9.8 million is to be set aside for the expansion of the Darwin Business Park.
The tax-free threshold was also put up from A$1.25 million to A$1.5 million and the tax threshold altered to an annual deduction reducing by $1 for every $4 in wages paid over the limit.
Also in the new Budget, stamp duty for property transfers over A$3 million has been increased from 4.95 per cent to 5.45 per cent.
Meanwhile it has been announced also that A$9.8 million is to be set aside for the expansion of the Darwin Business Park.
Prepared by Bob Woodward & Associates: offering you business consultancy, accounting, payroll administration and ancillary services in Darwin, The Northern Territory, Australia
http://www.woodwards.co/
http://www.woodwards.co/
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