Payroll Tax relief welcomed by Victorian business

VECCI Chief Executive Mark Stone said the organisation welcomes today’s announcement by the State Government of a cut to the payroll tax rate to 4.85% from 1 July 2014.

"VECCI has consistently called for Governments to do what they can to reduce the cost of doing business and today’s announcement will benefit 39,000 employers and their 1.6 million employees, with a total saving of over $234 million for business over 4 years," he said.

"While ensuring Victoria retains the second lowest payroll tax rate in Australia, this cut to payroll tax also means that Victorian businesses with a payroll of between $4.7 million and $26.7 million will now pay the lowest payroll taxes in Australia.

"With lower costs of doing business delivered by this payroll tax cut, Victorian employers will receive a boost that helps stimulates growth and increases the incentive to employ more people. 

"Combined with the major infrastructure announcements and a strong budgetary position underpinned by the forecast surplus of $1.3 billion, the attraction of doing business in Victoria will be enhanced by this payroll tax cut."

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The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.vecci.org.au

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