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Information for Victorian Businesses
MAKING VICTORIA THE BEST PLACE IN AUSTRALIA TO DO BUSINESS
A $1.4 billion package of tax cuts to boost the capacity of Victorian business to attract investment, generate jobs – and make Victoria the best place in Australia to do business – is a key element of the 2006-07 State Budget.
The cuts build on previous reductions to pay-roll tax (5.75% to 5.25%); reductions in the top rate of land tax (5% to 3.5%); and the abolition of seven taxes under the GST agreement.
The 2006-07 Budget includes:
Further substantial land tax relief worth $167 million over the next four years, including reducing the middle land tax rates by 20%; eliminating indexation; cutting the top rate to 3%; the continuation of capping in 2007; and allowing taxpayers to appeal their land valuation upon receipt of their land tax assessments. As a result of these changes virtually all businesses with land values between $0.4 million and $3.4 million will now pay the lowest land tax in Australia.
Click here to open the 2006-07 Budget - Land Tax Fact Sheet (42 Kb PDF file)
A further cut in pay-roll tax with a reduction from 5.25% to 5.15% on 1 July 2006 phasing down to 5% by 1 July 2008. This cut will save over 20,000 Victorian businesses more than $530 million over four years and will ensure we continue to have one of the lowest rates in Australia.
Click here to open the 2006-07 Budget - Payroll Tax Fact Sheet (47.2 Kb PDF file)
A third consecutive 10% reduction in WorkCover premiums, taking Victoria’s premiums to an historic low and saving businesses an additional $170 million in 2006-07. The cumulative effect of the three reductions provides savings to business of $520 million a year.
Click here to open the 2006-07 Budget - WorkCover Fact Sheet (106 Kb PDF file)
The Government will continue to make the investments needed to take Victoria forward as a productive and competitive economy and to make Victoria the best place in Australia to raise a family and do business.
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