Business boosts kick in

Commercial and industrial stamp duty cuts for new financial year

GEELONG businesses are set to benefit from major regional property stamp duty cuts under one of several changes to come into effect across Victoria today.

The new financial year cash saver will see stamp duty rates for commercial and industrial properties slashed by 10 per cent.

The new duty concession will increase by 10 per cent each year to a high of 50 per cent by July 1, 2023.

Acting Treasurer Robin Scott said it was expected the stamp duty cuts would save businesses an average of $17,500 by the end of the roll out.

“This will help thousands of regional businesses expand their operations, reach new markets and create jobs,” Mr Scott said.

“It complements our suite of measures in regional Victoria that have eased regulatory burden, encouraged growth and boosted local employment.”

The State Government has also planned further reductions to regional payroll tax, which would roll out gradually from next year. Under these plans the regional payroll tax rate would reduce 0.4 per cent each year from 2020-21 until 2022-23, at which point it would be a quarter of the metropolitan rate.

It would fall to 1.21 per cent by 2022-23, meaning regional businesses in Victoria would continue to have the lowest payroll tax rate in the country.

From today, pay exemptions for employees on maternity leave will be expanded to cover all types of parental leave, while new parents will also be given a baby bundle of essential items and safety advice.

Other new initiatives include a school breakfast program and a new pet exchange register requiring all dogs and cats for sale to have a valid microchip number and register source number.

Regional and rural Victorians are also set to get access to more medical specialist appointments in their communities.

On a national level, the Federal Government’s Personal Income Tax Plan, which provides tax cuts for low and middle income earners, was pledged to come into effect from today. Treasurer Josh Frydenberg said legislating the additional tax relief was the government’s first priority when parliament resumed this week.

“In the 2019-20 Budget, the Government announced additional tax relief to ensure that hardworking Australians are rewarded for their effort,” Mr Frydenberg said.

“Low and middle-income earners will receive a benefit when they lodge returns from 1 July 2019, with millions more to benefit over the next decade.”