LABOR’S HIGHER TAXES TO HIT GRANVILLE BUSINESSES AND JOBS
Member for Granville, Tony Issa MP today expressed concerns over Labor’s new Business Tax, which will destroy business confidence and kill job opportunities.
“Last week as part of Labor’s infrastructure plan, they secretly lumped a $5.1 billion tax on business in NSW,” Mr Issa said.
“This is an attack on every business in Granville Electorate that wants to grow, employ more people and be successful.
“Businesses have rightly planned on the abolition of these taxes and Labor’s policy is another blow to confidence. Over ten years each business in Granville electorate will be paying the extra tax three times and lose an average $7500.
The three business taxes that will now indefinitely be a drain on the State economy are:
Business Tax | Description | Number of transactions (2013-14) | Average payment per transaction | Mortgage Duty | Tax is charged on a business mortgage when used as security for another business transaction. Typically paid within 3 months | 183,000 | $976 | Share Transfer Duty | Tax is charged on the transfer of non-listed shares in a NSW company or unit trust scheme | 41,000 | $1757 | Non-Real Transfer Duty | A tax is charged on the transfer of ‘business assets’ (other than land) such as good will, intellectual property, patents, designs etc. | 6,900 | $21,569 |
“In the last financial year of 2013-14, there were 230,900 hits to business for the above taxes, costing over $400 million.
As a result of Labor’s indefinite extension of these taxes:
- Business will be hit by another 2.3 million tax payments – equating to over $400 million or more every year
- Each individual business is forecast to pay the taxes 3 times – equating to an average business tax bill of $7,455.00
“Labor’s sneaky tax slug now threatens those solid gains made across Granville Electorate and NSW.
“In the coming weeks I will continue to visit small, medium and large employers about how the Baird/Grant Government is supporting business compared to Labor’s big tax.
“Under the previous Labor Government, NSW was ranked eighth of all Australian States. Since 2011 the NSW Liberals & Nationals have delivered on our commitment to make NSW number one again.
“Labor’s plan simply increases taxes, reduces jobs, cuts infrastructure and adds congestion.
“In stark contrast, the Baird Liberal Team / Grant Nationals Team has a comprehensive plan for the future to build infrastructure and drive growth across the State that will create tens of thousands of jobs – and boost the NSW economy by up to $300 billion.
“The message is clear – if you want infrastructure built along with strong and successful businesses, you need to vote for the Baird Liberal Team / Grant Nationals Team at the 2015 election,” Mr Issa concluded.
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