The Victorian Government has announced a range of tax measures to support businesses through Victoria’s State of Emergency, as part of a broader economic survival package to support business and jobs in response to COVID-19.
We will regularly update this page with new questions and answers, so check back to stay up to date. Content supplied by State Revenue Office FAQ page.
Measure: Eligible businesses will have their payroll tax waived for the 2019-20 financial year.
Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived.
We will directly contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year.
We will begin making reimbursements from 27 March 2020 and will endeavour to make all reimbursements as soon as possible.
Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year.
We will send eligible businesses more information about the administration of these relief measures. You can also contact us or call the Business Victoria hotline on 13 22 15.
Yes. Businesses with annual taxable wages up to $3 million can also defer paying payroll tax for the first quarter of the 2020-21 financial year until 1 January 2021.
The eligibility threshold applies to each employer, so any member of a group that pays taxable wages of less than $3 million per annum will be eligible for the relief.
Measure: 2020 renewable liquor licence fees waived.
We will reimburse you, regardless of whether you paid your licence fee to us or the Victorian Commission for Gaming and Liquor Regulation.
Your 2020 renewable liquor licence fee will be waived. You do not need to do anything.
You can contact the Victorian Commission for Gaming and Liquor Regulation or call the Business Victoria hotline on 13 22 15.
Measure: Eligible land owners can defer their 2020 land tax payment.
Land owners that have at least one taxable non-residential property and total taxable landholdings below $1 million.
Non-residential property includes:
We will directly contact all eligible taxpayers in relation to this measure. You do not need to do anything at this stage.
Your 2020 land tax payment can be deferred until after 1 January 2021 and will need to be paid in full by 31 March 2021.
You can request a return of the tax paid. The tax will need to be paid in full by 31 March 2021.
We will contact all eligible land owners and provide further information, including about how to request the return of your payment. You do not need to do anything at this stage.
The measure applies to a land owner that owns at least one non-residential property and total taxable landholdings below $1 million. Eligible land owners can defer their entire assessment, which may include residential land.
Your property information, including your total taxable landholding, is available in My Land Tax, an online application that enables you to manage your land tax information quickly and easily.
Whilst retention payments are very common in the building and construction industry we continually see them being incorrectly accounted for, or not accounted for, and therefore often overlooked, resulting in advance payment of taxes and/or lost income.
We are heading into a period of opening up the economy after COVID, with the need to repair the budget, an election looming by May 2022, the threat of inflation and a withdrawal of central bank stimulus.
While commercial property is a little more difficult to understand than residential, it offers several significant advantages for investors.