Treasurer Tim Pallas handed down the Victorian State Budget 2023-24 on the afternoon of 23 May 2023. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which for business relate to payroll tax, land tax and stamp duty reform for commercial and industrial properties.
Today’s 2023-24 State Budget saw the Treasurer announce a significant reform to Victoria’s duty regime, with duty on commercial and industrial properties to be replaced over time with an annual property tax.
The finer details of the new regime are unlikely to be known for some months as we understand the Government intends to consult with industry before introducing the relevant legislation into Parliament. However, based on the Government’s media release we understand the change will involve:
The COVID Debt Levy relating to payroll has been introduced as a temporary measure as part of the COVID Debt Repayment Plan. The levy will apply from 1 July 2023 as a surcharge on Victorian wages (in addition to the Mental Health and Wellbeing Levy) paid by businesses with annual Australia-wide wages over $10 million.
The 2023/24 Victorian Budget delivered on 23 May 2023 includes various land tax changes, including increases to land tax and absentee (foreign) surcharge rates that will increase holding costs for a range of property owners. The Budget also introduces some land tax concessions that may assist a proportion of homeowners and home buyers.
Last week, the Victorian Government announced that it would be modernising the WorkCover Scheme. In doing so, they have advised that the average premium rate would increase from 1.27% to 1.8% of remuneration in order to cover the cost of claims.
Victorians will today learn how the state will pay down its record debt, as Treasurer Tim Pallas prepares to hand down his ninth state budget.
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This marked the second chance for the Treasurer to make his mark following on from last year’s October update. As it was then, so it was now, a Budget that threaded the line between wanting to appear “fiscally responsible” while also addressing the public outcry on cost-of-living issues in what is a still-elevated inflation and interest rate environment. As it was then, so it was now, a Budget that threaded the line between wanting to appear “fiscally responsible” while also addressing the public outcry on cost-of-living issues in what is a still-elevated inflation and interest rate environment.
On Thursday 11 May 2023, Pitcher Partners Sydney hosted a webinar event with expert commentary on the Labour Government’s 2023-24 Federal Budget
Australian business owners will likely be feeling “a little bit disappointed” by the federal budget handed down last night.
Partner at Pitcher Partners, Craig Whatman, says “there’s really no relief for business at a time when the economy is expected to soften and growth is expected to slow”.
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