Small Business Wins Big in Victorian Budget 2018/19

Victorian businesses warmly welcomed the Victorian Government budget 2018/2019, delivered by the Treasurer Tim Pallas earlier this week. New measures adding up to about $500 million are expected to boost Victorian businesses. These measures include strategies for assisting business to access new markets, grow operations and reduce red tape. Lower tax rates for small businesses were also announced. From 1 July 2018 the pay-roll tax free threshold will rise again to $650,000, which will provide tax relief to about 38,000 businesses in Victoria. Payroll tax for regional businesses is also to be cut from 3.65% to 2.45%, bringing payroll tax for regional Victorian businesses to the lowest rate across Australia. This is fantastic news for small business in Victoria. If you’re thinking about buying a business and becoming your own boss, this is a great time.