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NSW budget flags the phasing out of payroll tax

Michael is joined by Roger Montgomery, Founder and Chief Investment Officer of Montgomery Investment Management, regarding Treasurer Dominic Perrottet’s undertaking of NSW’s biggest tax reform in decades as NSW records a historic $16 billion budget deficit.

 

Part of the plan is for payroll tax to be overhauled, with the rate to be reduced from 5.45 per cent to 4.85 per cent, which will deliver businesses savings on average of $34,000 a year over the next two years.

 

It’s been estimated that the change will cost NSW $2.1 billion in revenue.

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