The recent State Government Budget announced an increase in the payroll tax threshold from 1 July 2016 by $25,000 per annum over the next four years. With the current rate of payroll tax at 4.85% the overall saving per business group over the next four years is $12,125.00.
Other key highlights are:
– $1.2 billion to help business grow
– $10.4 billion in infrastructure
– $1.1 billion in funding education
– $2.9 billion in health funding
– Expected unemployment rate to drop from 6.0% to 5.75%
– Budget expected to be in surplus of $2.9 billion
– Extension of land tax primary production exemption to urban land owned by certain family
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.