Stuart Ayres MP, Member for Penrith joined Mr Barclay Judge of Judge Accountants to announce that the costs of doing business and costs of living would be eased in Penrith due to a range of tax cuts from the NSW Government’s Budget.
Stuart Ayres welcomed the package of tax reforms for families and small businesses across Penrith.
From 1 January 2018, the NSW Government will abolish insurance duties for small businesses on commercial vehicle insurance (including aircraft), professional indemnity insurance, and product and public liability insurance.
The changes will apply to businesses with an aggregated turnover of less than $2 million
As part of the 2017-18 Budget, $1.6 Billion worth of taxes will be cut including stamp duty for first home buyers, Lenders Mortgage Insurance duties and duties on crop and livestock insurance.
“These tax reductions are expected to save NSW small businesses and farmers a total of $330m over the next four years,” Stuart Ayres said.
“Small business is the lifeblood of the Penrith economy and these tax cuts will ease the pressures business-owners feel.”
“To help people looking to buy their first home, our housing affordability package includes stamp duty exemptions for houses up to $650,000 and discounts for purchases up to $800,000 for both existing and new homes.
“We are also getting rid of duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits, providing a saving of around $2,900 to someone buying an $800,000 property.