This Budget will provide payroll tax cuts for approximately 36,000 businesses across Victoria, with the payroll tax-free threshold lifted to $650,000 over the next four years.
By the time the measure is fully implemented, businesses with annual Victorian payrolls between $4.8 million and $31.5 million will have the lowest payroll tax burden anywhere in Australia.
The Andrews Labor Government will also invest:
- $66 million to expand the international network of Victoria’s Government Business Offices – currently the largest network of any Australian state or territory, with 18 offices around the world
- $24 million for Victoria's Trade Mission Program to enable Victorian businesses to pursue new contracts, boost exports, create jobs and showcase their products and services internationally
- $4 million to establish the Asia Gateway, which will assist businesses wanting to export to China by connecting them with Asia-focussed services and organisations
This follows the release of Victoria’s China Strategy: Partnerships for Prosperity, which sets ambitious two-way trade targets and provides a clear vision on how we can make our state China’s gateway to Australia.
The Budget will also provide $6.6 million to deliver Labor’s election commitment to implement the Koori Business Strategy, promoting the diversity and entrepreneurship within the state’s aboriginal business sector.
The Government has reaffirmed its commitment to support services for small businesses in metropolitan and regional areas as well, through an additional $4.24 million to keep the Small Business Festival running.
Regional Victorians will continue to benefit from the Government’s promise to improve connectivity in the regions, with the Budget providing an additional $11.1 million to support Victoria’s bid for round two of the Commonwealth Government's Mobile Black Spot Program.
The three-year project, announced in 2015, is already underway with six of the 109 mobile towers promised in round one up and running. This project will significantly improve connectivity and communication boosting safety and the state's regional economy by an estimated $120 million per year.
Quotes attributable to Minister for Small Business, Trade and Innovation Philip Dalidakis
"This funding boost for our overseas trade and investment offices will give more support to Victorian businesses looking to grow and export, and strengthen our reputation as one of the top destinations for business investment."
“Reducing payroll tax will put some of our state's hardest working business owners and operators in a better financial position to focus on what they do best – growing their business, expanding their operations and creating jobs.”
Reviewed 19 August 2020