Tax perspective: A response to 2022-23 Queensland State Budget

BDO tax partner, Leisa Rafter, commented on the tax elements of today’s Queensland state budget announcement.

“An extension to the payroll tax deduction calculation is good for SMEs reducing the payroll tax payable for more small to medium businesses,” commented Ms Rafter.

“However it could be seen as a further disincentive to employment for larger employers are they're paying the bulk in payroll tax under today's announcement.

“Larger businesses, with an Australian wage spend over $10m, will now have to juggle an additional 0.25% increase in payroll tax as a result of the new mental health levy along with rising interest rates and inflationary pressures.”