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Victorian State Budget 2020-21

Published by:
Alf Couceiro
Published on:
December 03, 2020
Victorian State Budget 2020/21

On 24 November 2020, the Victorian Government handed down its State Budget. The focus of the budget was on the promotion of investment into the economy both by the State Government and the private sector.

In addition to the relief measures previously announced by the Victorian Government during the COVID-19 pandemic, the tax measures announced in the State Budget include:

  • Bringing forward the commencement date (i.e. to 1 January 2021) of a 50% discount on stamp duty for purchases of commercial and industrial properties in regional Victoria.
  • Providing a 50% stamp duty discount on the purchase of new residential property costing up to $1 million until 1 July 2021.
  • Providing a 25% stamp duty discount on the purchase of second-hand residential property costing up to $1 million until 1 July 2021.
  • Increasing the threshold for taxpayers to be able to pay their payroll tax annually from $40,000 to $100,000.
  • The provision of a 10% payroll tax credit for those businesses with a payroll of less than $10 million per annum that re-hire staff and employ new workers. The payroll tax credit will apply on the extent to which wages paid in the 2021 and 2022 financial years exceed their prior year wages amount.
  • The provision of a 50% land tax discount through to 2040 on eligible new developments focused on the build-to-rent sector.

We are here to help Australian small business owners and its community members during these challenging times.

Government Stimulus in a COVID world is complex. If you need help to navigate the JobKeeper and JobMaker maze, or if you would like a second opinion to help you get back on track, contact us on 1300 888 803.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (VIC) Pty Ltd ACN 145 368 850. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (VIC) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (VIC) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (VIC) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (VIC) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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