A competitive taxation regime is of utmost importance in driving business investment and job growth in the Northern Territory. Chamber NT consistently receives feedback from its members highlighting the detrimental effects of complex regulations, duplication, and delays, which not only consume valuable time and resources but also have a negative impact on productivity and innovation. Additionally, the burden of Payroll Tax on employment acts as a significant constraint on medium-sized enterprises seeking to enhance their competitiveness, expand in line with the economy, and invest in their future.
To address these challenges, the Northern Territory Chamber advocates for a reduction in business taxes, including payroll tax. It also emphasises the need for a continuous reduction in business regulations, commonly known as "red tape," across businesses of all sizes and sectors. These measures are vital in creating a more favourable business environment that encourages investment, fosters growth, and supports the long-term success of enterprises in the Northern Territory.
The Chamber’s key focus areas for this sector are:
- Increase the payroll tax threshold to $2.5 Million.
- Conduct a review of business taxes within NT Governments control.
- Advocate for the reduction of the average WorkCover premium rate from 2.2% of payroll to 1.7% in line with Western Australia and increase the competitiveness of Territory business.
- Advocate for red tape reduction in priority areas, including: environmental regulation, planning, government purchasing and heavily regulated sectors like transport and logistics.