Financial position shows opportunity for payroll tax relief - VECCI

VECCI chief executive Mark Stone claims the release of the 2013-14 Annual Financial Report for the State of Victoria shows aggregate payroll tax revenue was $19 million above the original budget estimate, largely reflecting growth in employment and earnings.

"Given that the total payroll tax revenue take is now almost $5 billion per annum – and forecast to rise by an average of 5.6 per cent over the next four years, the challenge for policy makers is to do what they can to keep Victorian business competitive," Mr Stone said.

"Business welcomed the recent cut in the payroll tax rate (from 1 July 2014), but reform should not stop there.

"VECCI’s Taking Care of Business state election agenda is calling on both major parties to increase the payroll tax threshold from $550,000 to $850,000 in order to encourage business and employment growth."

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

vecci.org.au

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