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State Government moves to ensure WA’s biggest companies do their bit for budget repair

The McGowan Government has today introduced amendments to the Payroll Tax Assessment Act in State Parliament to introduce a temporary progressive payroll tax increase for the biggest companies in the State.

From July 1, 2018 until June 30, 2023, Western Australian employers with an Australia-wide payroll exceeding $100 million – but not exceeding $1.5 billion – will have that part of their payroll taxed at a rate of six per cent (up from the current rate of 5.5 per cent).

Western Australian employers with an Australia-wide payroll exceeding $1.5 billion will have that part of their payroll taxed at a rate of 6.5 per cent.

It is estimated that this measure will raise $435 million over the forward estimates, providing an important contribution towards the Government’s budget repair efforts.