The 2014-15 State Budget has now been released by the Treasurer and includes the following changes:
- The payroll tax rate will be reduced from 4.9% to 4.85% from 1 July 2014.
- The motor vehicle duty rate will be increased by $0.40 per $200 of the dutiable value of a vehicle, from 1 July 2014.
- Life insurance duty will be abolished from 1 July 2014
- A new Metropolitan Planning Levy will be introduced from 1 July 2015. The levy will support funding for the Metropolitan Planning Authority and the implementation of Plan Melbourne. The levy will be administered by the State Revenue Office, under the authority of the Minister for Planning.
Further details are available on the State Budget website.