The payroll tax-free threshold has been lifted to $650,000 while payroll tax has been cut to 2.425% for regional businesses. Business tax accountants Sky Accountants talk about the Victorian budget 2018.
What’s in the Victorian budget 2018? The payroll tax-free threshold has been lifted to $650,000 while payroll tax has been cut to 2.425% for regional businesses. This amount is half the rate paid in Melbourne and the lowest rate in Australia. You can contact business tax accountants Sky Accountants to know more about this development.
The Government is spending big on infrastructure and it seems to be listening to business groups as well. Treasurer Tim Pallas has pledged that there would be no new taxes and charges in the budget. It could lead to a strong financial position, with surpluses of about $2.5 billion per year in the next four years because of population growth and continued strength in the property sector. The population is predicted to increase by 2.2% in 2018-19 and 2% starting 2020-21 and the Government claims it has created 333,900 jobs since November 2014 when the Andrews Government came to office.
The Government expects to cut costs for about 4,000 country businesses, create jobs and encourage people to move to regional Victoria. The payroll tax cuts will benefit businesses such as dairy farmers who employ milkers and food processing giants SPC Ardmona, Saputo and Fonterra.
It is the third year in a row that the government has eased the payroll tax burden. The budget has many measures, totaling about $500 million, which can potentially boost Victorian businesses and allow them to access new markets, grow operations and reduce red tape. The government is determined to make it easier for the regional businesses to operate, grow and take on more employees.
Treasurer Tim Pallas has also granted free TAFE to students in 30 high-priority fields. Other grants include a mental health funding increase to $705 million, judges and magistrates to fast-track court hearings, 13 arterial road upgrades, North East Link, Caulfield Station to Rowville tramline and fast rail link to Geelong planning, 12 new schools in Melbourne and a $50 cash incentive for households for visiting a power bill comparison website. There is a budget surplus of $1.4 billion as well.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision. You can click here to speak to experts who specialise in business consultancy. Sky Accountants business tax accountant would love to help you formulate investment strategies and streamline your processes to take your business to the next level.
To view the original content, click here