Victorian and ACT retailers get some tax relief
The Victorian and ACT Governments have released their budgets for 2008/09 and retailers have been provided with some much needed tax relief.
The ACT Government announced a 20% payroll tax threshold increase to $1.5 million, which is designed to provide some assistance to small and medium enterprises.
The Victorian Government, meanwhile, announced $1.43 billion worth of cuts to taxes and business costs. Treasurer John Lenders claimed the tax cuts were able to be implemented due to the Government’s commitment to keeping the budget strong. “The Brumby Labor Government is delivering a long term economic plan for the future of all Victorians,” Mr Lenders said. “Our Government recognises that making Victoria a competitive place to invest and do business is crucial to driving jobs in the State.”
Mr Lenders indicated the tax cuts would include: a $422 million stamp duty cut, a $490 million land tax cut and a $170 million payroll tax cut. WorkCover premiums were decreased for the fifth straight year.
The Government also announced that throughout the course of the year they would unveil three new strategies in the areas of innovation, skills and manufacturing.