The Victorian Treasurer Tim Pallas announced on 5 May 2020 that the Victorian Government will provide additional tax relief to businesses suffering as a result of COVID-19. The measures, which bring the Government’s economic survival and job package cost to $1.7billion include:
a further $491 million in tax relief;
freezing of a number of fees and fines that were due to be increased in July, such as car registration, traffic infringements, court imposed penalties and permit fees. The Fire Services Property Levy will also be frozen at current rates; and
an additional business support package.
Importantly in Victoria:
JobKeeper payments to stood down employees are now exempt from payroll tax;
additional payments made to bridge the gap between an employee’s wage and the JobKeeper payment, where that employee previously earned less than the minimum $1,500 JobKeeper payment, are also exempt; and
JobKeeper payments will be exempt from WorkCover premiums on payments to employees if staff are currently stood down.
If you would like more information on these measures or assistance in understanding which measurers apply to you, contact our State Tax specialists:
Laura Spencer
Senior Associate
T +61 3 9611 0110
E lspencer@sladen.com.au
Denise Tan
Senior Associate
T +61 3 9611 0160 | M +61 438 714 965
E dtan@sladen.com.au
Phil Broderick
Principal
T +61 3 9611 0163 l M +61 419 512 801
E pbroderick@sladen.com.au
