Thousands of Victorian businesses are benefitting from payroll tax cuts, with regional businesses in particular the big winners, the Treasurer Tim Pallas said today.
Visiting Keppel Prince Engineering Pty Ltd in Portland to discuss the benefits of the payroll tax cut for regional businesses as outlined in the 2017/18 Victorian Budget, the Treasurer said the tax cut was a boost for jobs and great for local regional economies.
From 1 July, the payroll tax-free threshold right across the state increased to $625,000, and from 1 July 2018 will rise to $650,000, which will save about 38,000 Victorian businesses up to $48 million.
In regional Victoria, the payroll tax rate has also been slashed by 25 per cent – from 4.85 per cent to 3.65 per cent – benefiting about 4,000 businesses.
This is a massive boost for regional businesses looking to expand their operations, and yet another huge boost for regional Victorian jobs growth, which is already the fastest in the nation.
Regional Victoria now has one of the most competitive payroll tax rates in Australia.
Quotes attributable to Treasurer Tim Pallas
“The Andrews Labor Government has cut payroll tax two years in a row to help businesses right across Victoria grow, helping create thousands of jobs for Victorians.”
“As a result of the 2017/18 Victorian Budget, regional businesses in Victoria now have some of the lowest tax rates in the country, which is great for local communities, boosting local economies and creating local jobs.”