According to the Qld Government Strategy and Outlook 2014 to 2015 taxation revenue is nearly 25% of the State’s total revenue. About 50% of the State’s revenue comes in grants from the Federal Government.
Payroll tax has recently overtaken transfer duty as the key contributor to Qld’s tax revenue collections. In 2014-5 payroll tax is expected to be nearly $4billion while transfer duty will reach $2.7billion. Payroll tax is the single largest contributor of taxation revenue for the Qld Government.
That’s even more interesting when you consider the recent comment of the LNP’s Steve Dixon who said that only 3% of businesses in Queensland pay payroll tax. Paradoxically Queensland Treasurer Curtis Pitt said when introducing changes to the Payroll Tax Act on the 3rd June 2015 that businesses eligible for the payroll tax rebate employed about half of Queensland’s private sector work force.
