Mr KIELY - 2002-08-20
What is the government doing to assist Northern Territory business to grow and work with government?
ANSWER
Madam Speaker, I thank the member for Sanderson for his question. I am also very proud to stand here today and say: ‘This is a good budget for business in the Northern Territory’. Certainly, the initial feedback from the business community at the Chamber of Commerce and Industry lunch earlier this afternoon is very, very positive.
There are some major initiatives in my portfolio designed to cut red tape and assist government to work with business in partnership. First of all, we have funding of $250 000 being provided to establish a network of business case managers throughout government, to assist potential new business operators in the Northern Territory, or people looking to amend their business, to navigate the range of approvals through government and reduce red tape. This is an initiative that has been worked on with the Chamber of Commerce and Industry in putting this program together. It is going to be very well received and, hopefully, is going to cut red tape for business operators.
An additional $390 000 has been provided to fund short course business skills workshops across the Northern Territory to help lift the capacity of Northern Territory business. We are all aware of the large turnover rates in businesses, and businesses closing down after the first two years of operation because the business skills are not there. An investment of $390 000 will assist businesses to put business plans into place and is going to assist them over the years to come.
We have also introduced tax relief for business in this particular budget. Stamp duty has been reduced on franchises, something that was very well regarded, and declared long overdue at the Chamber of Commerce and Industry lunch. We have wound back a CLP tax that was introduced in 1992. It is going to assist hundreds of retail outlets and many thousands of franchise operators in the Northern Territory. It is great to be able to wind back that 1992 CLP tax. The budget reduces the duty from the conveyancing duty rate to the lower lease rate, and that will also help the franchise operators. Exemption for hiring duty for wet hires that the Chief Minister released a number of weeks ago is going to help business in the Northern Territory.
Payroll tax is being reduced from 6.5% to 6.3%, the system has been simplified for business and we will deliver on those. Again, well regarded by business. We have also introduced a stamp duty exemption for reconstruction of property within company groups, as companies try to bring all their business activities under one structure. So, we are spending more money on assisting business through the department. We are reducing taxes in a number of areas. The 29% additional cash we have put into the capital works budget is a major win for business in the Northern Territory. $330m cash in that budget this year, and increased stamp duty concessions are really going to assist the small business operators in the housing construction sector. This is a budget for business. It is responsible and responsive, and I look forward to some support from those members opposite.
ANSWER
Madam Speaker, I thank the member for Sanderson for his question. I am also very proud to stand here today and say: ‘This is a good budget for business in the Northern Territory’. Certainly, the initial feedback from the business community at the Chamber of Commerce and Industry lunch earlier this afternoon is very, very positive.
There are some major initiatives in my portfolio designed to cut red tape and assist government to work with business in partnership. First of all, we have funding of $250 000 being provided to establish a network of business case managers throughout government, to assist potential new business operators in the Northern Territory, or people looking to amend their business, to navigate the range of approvals through government and reduce red tape. This is an initiative that has been worked on with the Chamber of Commerce and Industry in putting this program together. It is going to be very well received and, hopefully, is going to cut red tape for business operators.
An additional $390 000 has been provided to fund short course business skills workshops across the Northern Territory to help lift the capacity of Northern Territory business. We are all aware of the large turnover rates in businesses, and businesses closing down after the first two years of operation because the business skills are not there. An investment of $390 000 will assist businesses to put business plans into place and is going to assist them over the years to come.
We have also introduced tax relief for business in this particular budget. Stamp duty has been reduced on franchises, something that was very well regarded, and declared long overdue at the Chamber of Commerce and Industry lunch. We have wound back a CLP tax that was introduced in 1992. It is going to assist hundreds of retail outlets and many thousands of franchise operators in the Northern Territory. It is great to be able to wind back that 1992 CLP tax. The budget reduces the duty from the conveyancing duty rate to the lower lease rate, and that will also help the franchise operators. Exemption for hiring duty for wet hires that the Chief Minister released a number of weeks ago is going to help business in the Northern Territory.
Payroll tax is being reduced from 6.5% to 6.3%, the system has been simplified for business and we will deliver on those. Again, well regarded by business. We have also introduced a stamp duty exemption for reconstruction of property within company groups, as companies try to bring all their business activities under one structure. So, we are spending more money on assisting business through the department. We are reducing taxes in a number of areas. The 29% additional cash we have put into the capital works budget is a major win for business in the Northern Territory. $330m cash in that budget this year, and increased stamp duty concessions are really going to assist the small business operators in the housing construction sector. This is a budget for business. It is responsible and responsive, and I look forward to some support from those members opposite.
Last updated: 09 Aug 2016