Monday, 19 June 2017 14:52

Tax cut for local business

IN a massive boost for businesses and local jobs across the Mitchell Shire payroll tax with the Victorian Budget 2017/18 reducing payroll tax by 25 per cent for regional businesses.
Attempting to boost regional economies, the state government will reduce the payroll tax rate by 25 per cent in regional Victoria – from 4.85 per cent to 3.65 per cent for all businesses operating mostly in regional Victoria, making it the lowest rate in the country.
This will slash costs for about 4000 businesses, support companies in regional Victoria to grow, encourage job creation, and ensure every region shares in the benefits of the state’s economic growth.
The payroll tax-free threshold will now increase to $625,000 as of July 1 this year, and to $650,000 from July 1, 2018, in a fast-track of changes set to save business up to $48 million and create new jobs.