The State Revenue Office (SRO) in Victoria have been a great support for businesses during the Coronavirus pandemic with a large number of incentives to assist businesses during a tough time.
- Employers with annual Victorian wages up to $3m have their 2019-2020 payroll tax waived
- JobKeeper payments are exempt from payroll tax calculations
- New Jobs Tax Credit encouraging rehiring and new jobs
- Deferring 2020-2021 payroll tax liabilities until 2022 financial year
- Threshold changes as of 1st July 2021
All of these combined allow businesses to have more flexibility in budgeting for their future expenses and investments. During a time when business confidence is low and cashflow is a major concern, these measures are a great opportunity to utilise the extra funds that would otherwise be earmarked for taxes.
The SRO have done an amazing job during these hard times and they are a great example of Government department listening to what businesses need.
For further details on this contact us or review the SRO website below;