The state government is supporting Victorian businesses by introducing historic tax reforms and new investments.
Stamp duty on commercial and industrial properties has been replaced with a more efficient tax which will help Victorian businesses.
The new reform will add 12,600 new jobs and it will help the state’s economy by up to $50 billion over the next 40 years.
The payroll tax-free threshold will be lifted from $700,000 to $900,000, and then to $1 million from July 1, 2025.
Doing so means that 6000 businesses are now no longer paying any payroll tax and 22,000 businesses are saving up to $14,550 per year by paying a diminished amount.
Victorian Chamber of Commerce and Industry chief executive Paul Guerra spoke on the positives that these tax reforms will bring.
“The Victorian Chamber has proudly worked with the Treasurer on behalf of business to bring about these landmark tax reforms. We welcome all measures that reduce regulatory burdens, encourage growth and the creation of jobs.”
Additionally, Victoria will be the first state to rid business insurance duty, abolishing it over a 10-year period, starting July 1.
This will save businesses more $516 million over the next four years.
All-together these reforms will save Victorian businesses around $900 million over the next four years.
