Treasurer Kevin Foley says no new taxes will be introduced, no taxes increased and no tax cuts scrapped as a result of the global financial crisis that has seen the State's Budget position deteriorate significantly.

In the past two Budgets alone, the Government announced another series of payroll tax reforms worth more than $130 million when fully implemented in 2009-10.  From 1 July 2009, the payroll tax will reduce to 4.95% and the threshold before a business becomes eligible to pay the tax will increase to $600,000. 

The State recorded a record surplus of $464 million in the final Budget outcome for 2007-08.

Earlier this week the Treasurer explained that as a result of the financial crisis, the $160 million surplus forecast in the 2008-09 State Budget was gone as a result of the global financial crisis and that the Budget would record its first deficit since the Government came to office in 2002.

Mr Foley says that unlike other jurisdictions, the Rann Labor Government will not respond by ramping up taxes.

Mr Foley says he believes that ordinary South Australians are aware of the impact the global financial crisis is having on their lives and why in turn that has an impact on Government.

"As a result important revenue streams for the State have sharply slowed.  The forecast for the GST as a result of the revised economic outlook is down cumulatively by $845 million over the forward estimates.

"Similarly State taxation has been hit.  Stamp duty is a significant revenue source for the state.  Reduced consumer activity and the impact of tighter credit conditions mean that the number and the total value of property transactions is lower than estimated in the 2008-09 Budget."

Mr Foley says in common with New South Wales and Queensland, South Australia would be deferring the abolition of their remaining Inter Governmental Agreement tax reforms until 1 July 2012.

These reforms relate to stamp duty on the transfer of shares in unlisted companies and trusts and the transfer of business assets like trading stock (other than land), machinery and goodwill.

The revised timetable is consistent with the new Inter Governmental Agreement agreed in principle at the Council of Australian Governments meeting in Canberra in November.

There is no change to the timetable for other IGA taxes.  Mortgage and rental duty for example will be fully abolished in South Australia by 1 July 2009.

The Victims of Crime Levy applied to expiation notices will also rise by $10 from $20 to $30 but all this money will go directly into the Victims of Crime fund and not into general revenue.

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Dover Fisheries Pty Ltd is one of the worlds largest abalone producers. The company was established in 1976. We are specialists in processing and exporting abalone products. The abalone we supply are mainly from the wild fishery, sourced from the cool, clean waters off South Australia, New South Wales, Tasmania, Victoria, Western Australia and New Zealand. We supply abalone in various forms such as in cans, frozen, heat sterilised vacuum pack as well as different species to satisfy different customer requirements.Contact23 Wilson StreetRoyal ParkSouth AustraliaAustralia 5014Phone: 61-8-8341 2299Fax: 61-8-8341 2246E-mail: enquiries@doverfisheries.com.au

Aay’s Fresh Herbs

The Aay family have been involved in market gardening for over 40 years and have been growing fresh herbs since 1988. Roger took control of the operation in 1999. In April 2005 Roger and Jo-Ann purchased a new farm at White Hill, 10 minutes from their existing farm, and have made this their Organic farm. Setting the trend to promote a healthier life, and a chemical free work place. Roger and Jo-Ann vision is to make AAYS FRESH HERBS the largest organic herb farm in Australia. Situated approx 60 Kilometres from Adelaide in Murray Bridge and now also White Hill Monarto, Aays herbs are grown in the most virgin soil surrounding which is conductive to herb growing. The soil is rich, and disease free. The company prides itself for its quick turnaround time in supplying the end user the freshest product in the market. From the time of picking to packaging to having the product on the supermarket shelves in 24 hours. Taste, freshness, reliability as a producer, growing the right herbs is the reason Aays Herbs are being sort in South East Asia and Dubai.ContactMail Address:PO BOX 1140MURRAY BRIDGE5253, SOUTH AUSTRALIAOffice Phone: 08 85326600Office Fax: 08 85326022