9 April 2024 – Tax Reform
Is it time we get series about tax reform; don’t you think?
How about an open and transparent respectful discussion about ideas and opportunity. Consequences and challenges. Imagine all political parties embracing an open and frank and blameless dialogue about tax, without any cunning leadership.
Surely, the 2023 Intergeneration Report from the Australian Government provides the basis to explore tax reform. Are we acting? Should we?
These are BIG challenges in a complicated tax system, which sits in an environment of rapidly changing individual customer preferences and swift technological advances. What will our economy look like in 50 years’ time?
In the meantime, all I want prior to 19 October 2024 is some simple payroll tax reform for Toowoomba businesses.
Tax Reform in Toowoomba
A small reward for the regional city, Toowoomba. Simple, not complicated. A way to bring equity, parity for Toowoomba business with our counterparts in regional Queensland, like Cairns, Townsville, and Central Queensland. Imagine, removing unfairness and creating regional certainty.
Payroll tax is simply a tax on business. A tax that has an adverse impact on employment and wages growth. A State Government tax that creates inequality, by having no consistent or clear definition of the South-East Queensland and Regional Queensland geographical boundaries.
The Queensland Government must ensure, and Queensland opposition must commit to fair and consistent regional tax policy. One way to do that is to apply the payroll tax regional discount to the city of Toowoomba business community. A lower payroll tax rate which can make a significant difference to a businesses’ tax liabilities and expenses.
This inevitably leads one to ponder that does our involvement in the Southeast Queensland Council of Mayors support the current bias and hinder fairness for business or in general just further complicate the matter. But that discussion is for another day.
What I know for sure, is our region, deserves better and at a minimum that is equity with other regional areas in Queensland when it comes to payroll tax.
Let us know your thoughts by emailing admin@toowoombachamber.com.
