NT Treasurer Bill Yan says ‘fast track taskforce’ established to look at the ‘whole red tape issue’

Red Tape is set to be slashed in the Territory, thanks to a new government ‘fast track taskforce’ made up of eight members. Read what we know.

Northern Territory Treasurer Bill Yan talks to the media in the Todd Mall, Alice Springs, January 2, 2025. Picture: Gera Kazakov

Territorians can expect more than tax reforms in 2025, the Treasurer says, thanks to a new “fast track taskforce” set up to look at the “whole red tape issue”.

NT Treasurer Bill Yan touched on the task force while speaking to media in Alice Springs on Thursday, as he spuriked the government’s new small business tax reforms, which came into effect January 1.

The taskforce – dubbed the Approvals Fast Track Taskforce by Chief Minister Lia Finocchiaro – is comprised of eight members and chaired by NT Property Council president Mark Garraway. 

NT Property Council president Mark Garraway.

Also on the taskforce is M+J Builders director Michael Buckley, NT Link director Tony Smith, Territory Instruments managing director Stuart Kenny, Humpty Doo Barramundi chief executive Dan Richards, Foxalicious Fruit owner Andrew Dalglish, Louw Group director Hermanus Louw, and Stone House, Charlie’s of Darwin, and Darwin Distillery owner Bec Bullen.

The task force will “work together with government to identify the barriers and some of the red tape”, according to Mr Yan.

“They’ve already met for the first time and they’ve got a three to six month window to report back to government on what they find and what improvements can be made to deal with those red tape issues,” he said.

Alongside the new tax reforms – which have raised the small business tax threshold from $1.5 million to $2.5m – the taskforce will help “make the territory one of those places where it will be great to do business”, Mr Yan said.

“By changing these income tax brackets, it incentivises businesses to employ more people and makes it easier to do business here,” he said.

The tax reforms are also the “first step” to helping establish more businesses in remote communities, according to Mr Yan.

Yuendumu, 293km northwest of Alice Springs.

“The way for communities to move forward is through economic development and to make it easier for business on the community to get up and running, get started and get moving,” he said.

“The reductions or the removal of that payroll tax threshold for them will be that first step in working towards getting businesses happening out in the bush, because that will be the way forward for the bush, to leverage off the lands.”

Northern Territory Government figures show there are 16,380 actively trading businesses in the Territory.

At the end of the 2023 financial year, there were 15,431 small business in the NT, figures from the Australian Small Businesses and Family Enterprise Ombudsman show.

Seventy-four per cent were in the Greater Darwin area, the other 24 per cent being in “Regional Northern Territory”.

Katherine had the highest amount with 880 small businesses.

Originally published as NT Treasurer Bill Yan says ‘fast track taskforce’ established to look at the ‘whole red tape issue’