NSW business body hopes State Budget will boost economy
THE New South Wales Business Chamber has called for businesses in cross-border regions to receive tax rebates to help them compete with competitors in neighbouring states.
It is part of a five-point plan the chamber has put forward ahead of NSW Treasurer Mike Baird handing down his third budget on June 18.
NSW Business Chamber CEO Stephen Cartwright said the plan was designed to support jobs and grow the economy.
Mr Cartwright said businesses in areas like the Tweed were at a "competitive disadvantage".
"If the NSW Government can't make NSW's tax system more competitive with other states then an alternative option is to provide a tax rebate for businesses along the border to reflect the lower taxes their cross-border competition are benefiting from," Mr Cartwright said.
"The NSW Business Chamber proposes that the NSW Government's undersubscribed Regional Relocation Grants Scheme could provide the funding for a tax rebate for border businesses."
The chamber has also called on the government to:
- Abolish remaining IGA taxes.
- Increase the payroll tax threshold.
- Contribute to a trial of a small business credit guarantee scheme to help business secure finance.
- Explore co-operation between the Office of State Revenue and the Australian Tax Office to reduce red tape.
"The NSW Business Chamber is proposing some modest reforms that are affordable and that use existing pools of funding to support our goals of helping business through this difficult transition in the national economy and keeping Australians in jobs," he said.