Massive boost for regional businesses
I am really pleased to inform your readers that local businesses in the Ripon and Lowan electorates will benefit from the Andrews Government’s cuts to payroll tax.
In a massive boost to regional economies, our Government will reduce the payroll tax rate by 25 per cent in regional Victoria – from 4.85 per cent to 3.65 per cent – making it the lowest rate in the country.
This will slash costs for about 310 businesses in Ripon and Lowan, which in turn will support companies to grow and create more jobs.
This regional payroll tax cut is on top of other business tax cuts announced in this month’s Victorian Budget.
The government is bringing forward the timeline of last year’s payroll tax cuts meaning the payroll tax-free threshold will now increase to $625 000 as of 1 July this year, and to $650 000 from 1 July 2018, in a fast-track of changes set to save business up to $48 million and create new jobs.
The Government is also allowing more small businesses to opt for an annual payroll tax payment instead of monthly payments.
Agri-businesses will also benefit, with the Budget removing insurance duty on agricultural products, making it cheaper for farmers to insure against crop, livestock and equipment damage.
We’re making sure that every region shares in our economic success with a new regional tax cut that will help businesses in Ripon and Lowan grow, and encourage more new businesses to set up shop and create jobs in our region.