What's New at the SRO
Keep up to date with the latest SRO news and events.

2007-08 Payroll Tax electronic Annual Reconciliation (e-AR) is now available

The 2007–08 Annual Reconciliation is now available online and is due to be lodged and paid by Monday 21 July 2008.

Please note the following changes for 2007-08

• The estimated payment option to gain an extension has been replaced with a standardised due date of 21 July 2008 for all customers.
• Declaration of FBT has been simplified.
• There is a new taxable wage component ‘Shares/Options’.
• There is no wage split, the tax rate is 5.05% for the full year.

Click here to see what you will need to complete your Annual Reconciliation.

Click here for 2007-08 e-AR Frequently Asked Questions

To lodge your return, login to PTX Express via the 'Payroll Tax User login' link on the right hand side of this webpage. If you do not have a username or password for PTX Express go to the 'Password Required' link.

LTX Express - 24/7 Access now available to your land tax records

LTX Express is the SRO’s on-line land tax system which now lets you:

• view your land tax assessment
• download a list of properties included in your assessment
• view your outstanding liabilities
• advise the SRO if you have purchased or sold a property
• request a new exemption or amend a current exemption
• update your personal details.

This secure, user friendly on-line application can be accessed from the SRO website. If you have not used LTX Express before you will need to follow a simple registration process.

Simply click 'Register for LTX Express' in the list of e-online services on the right of the SRO homepage. Further information is provided in the Land Tax Express flyer.

Payroll Tax Annual Reconciliation 2007-08

As a consequence of payroll tax harmonisation between Victoria and NSW, employers will see some changes when completing their 2007-08 Annual Reconciliation return (previously known as the Annual Adjustment return). For more details, please refer to the Payroll Tax Bulletin PTX 01/08.

2008 Victorian Budget

The Treasurer John Lenders announced cuts to business and property taxes, extended benefits for first home buyers and a regional first home bonus for newly constructed homes, as part of the 2008 Victorian State Budget.

The Victorian Government has announced significant changes to land tax, duties on land transfers, Payroll Tax and the First Home Bonus.

First Home Bonus

The First Home Bonus will be extended to offer an additional $3000 grant to purchasers of newly constructed homes for those eligible for the First Home Bonus in regional Victoria.

Currently, a Bonus of $3000 for existing homes, or $5000 for new homes, is available across Victoria in addition to the $7000 First Home Owner Grant. The new $3000 regional bonus is additional to the existing $12,000 available for newly constructed homes valued under $500,000.

The regional Bonus is available for eligible contracts entered into on or after 6 May 2008.

DTF Fact Sheet - Assistance for homebuyers

Land Tax

Four significant changes to Land Tax were included in the Budget, effective from the 2009 Land Tax year. The changes are:

• The tax free threshold is increased to $250,000.
• Other thresholds will be adjusted by around 10%.
• The top rate of Land Tax will be reduced from 2.5% to 2.25%.
• A new exemption will be introduced for land occupied as long term residential accommodation for disabled persons.

DTF Fact Sheets - Land tax cuts | Cutting the cost of doing business

Duties

The Victorian Government’s changes will result in savings on duties on land transfers, and provide further concessions for first home buyers across the State. Budget initiatives include:

• Duties thresholds will be adjusted by around 10% (for duty on land transfers, Principal Place of Residence (PPR) concession, and Pensioner and Concession cardholder's concession thresholds).
• For the first time those eligible for the First Home Bonus will also receive the benefits of the PPR duty concession.
• A new exemption will be introduced for declarations of trust establishing special disability trusts, and for transfers of land into existing special disability trusts.
• For business, the existing corporate reconstruction duty exemption has been extended to apply to restructures of stapled entities in specified circumstances.

All duty on land transfer and Bonus related measures will take effect for contracts entered into on or after 6 May 2008. The exemption for special disability trusts applies to a declaration of trust made on or after 6 May 2008, or in the case of a transfer of dutiable property, to a contract entered into on or after 6 May 2008. The corporate reconstruction exemption will apply from 1 July 2008.

DTF Fact Sheets - Cutting the cost of doing business | Assistance for homebuyers

Payroll Tax

From July 1 this year, the Payroll Tax rate which was scheduled to drop from 5.05% to 5.00% will be reduced by a further 0.05% to be 4.95%.

DTF Fact Sheet - Cutting the cost of doing business

Media Release

A Media Release from the Office of the Treasurer was issued on May 6, 2008.

For copies of the Budget Papers, visit the State Budget website at www.budget.vic.gov.au

Congestion Levy
The Congestion Levy Act 2005 (the Act) requires that the levy payable for each leviable parking space for 2008 and subsequent years is the previous years amount adjusted by the Consumer Price Index. The levy payable for 2008 is $820.