The Greens in NSW will be moving to close a loophole that has seen the big accounting firms pay no payroll tax on partner pay.
The move to close this loophole would be an Australian first, and is expected to deliver an additional $50-to-$60 million in payroll tax revenue to the state.
The Greens will be moving an amendment to Payroll Tax Act 2007 as part of the forthcoming Revenue, Fines and Other Legislation Amendment Bill 2023, on Thursday 24 August.
Quotes attributable to Abigail Boyd, Greens NSW MP and spokesperson for Treasury, Finance and Economy, and Chair of the Public Accountability and Works Committee:
“The NSW Labor government have a choice. They can continue to privilege millionaire consultants while crying poor, or they can take this modest step to increase state revenue and honour the deal with teachers.
“It doesn’t matter what tricky corporate structure you have devised - nobody is above the law and nobody is above their responsibility as taxpayers.
“The partnership structures of these mega consulting firms is a farce - does anybody really believe that there are 1000 equal co-owners of Deloitte, EY, PwC or KPMG?
“Senior executives and CEOs at all major listed companies are already covered by payroll tax, as are other major consulting firms like McKinsey and Accenture. It’s time for the big four accounting firms to stop asking to be treated as a protected species and start paying tax like the rest of us in NSW,” Abigail Boyd said.
Media Contact: Angus Hoy 0416130969