Can folders/projects within a Space have different sharing permissions to the main Space?

Our organisation would benefit from being able to include all folders relating to a department within one space but not all users should have access to ALL of the folders within a space.

For Example - a Payroll Space where the Space Admin has a view of everything but not ALL folders which should fit under Payroll should be visible to all of the Payroll department. (One team completes the payroll for hourly paid staff but they shouldn't have access to the tasks relating to the payroll for salaried staff) 

The only way we can see this working at the moment is to create 2 separate spaces, am I missing something?