Queensland business are being encouraged to employ apprentices and trainees so they can access payroll tax incentives following new laws passed in the Queensland Parliament last week.
State Member for Morayfield, Mark Ryan MP has welcomed news that the Queensland Government’s payroll tax rebate for apprentices and trainees has been returned by the Queensland Parliament and will commence from 1 July 2015.
“This is good news for local businesses paying payroll tax who will now receive an additional benefit as the employer of an apprentice or trainee and good news for the many young people out there looking for an apprenticeship or traineeship,” Mr Ryan said.
Treasurer Curtis Pitt said the Queensland Government’s new payroll tax rebate would help kick-start jobs and growth by giving businesses that employ apprentices and trainees a financial incentive.
Mr Pitt said that under the laws, employers who hire new apprentices or trainees will get a 25 per cent payroll tax rebate on the payroll tax of another worker.
He said the rebate was expected to save Queensland businesses $45 million over three years.
“Apprentice and trainee wages are already exempt from payroll tax and Queensland already has the most generous payroll tax threshold of the mainland states as well as the lowest payroll tax rates in the country,” Mr Pitt said.
“This new rebate takes that a step further, creating another powerful incentive for employers to hire more apprentices and trainees and grow their businesses.
“It’s an investment in the future of Queensland.
“This gives our young people a greater chance of gaining employment and training and helps unlock the jobs of the future.
“It will help to tackle youth unemployment and allow us to develop a skilled workforce to support economic growth for Queensland in coming years.”
The Treasurer said businesses eligible for the payroll tax rebate employed an estimated half of Queensland’s private sector workforce.
“Queensland has a highly competitive payroll tax regime with a low payroll tax rate of 4.75 per cent and a relatively high $1.1 million exemption threshold,” he said.
“The new rebate, available from 1 July 2015, will apply to payroll tax for the 2015-16, 2016-17 and 2017-18 financial years.
“It’s yet another sign that the Queensland Government is working with business and industry to promote jobs and growth opportunities.”
Business owners and employers seeking more information about the Queensland Government’s payroll tax rebate should call the Queensland Government Hotline on 1300 300 734.
