The Victorian Budget 2018-19 includes a number of announcements that impact legislation administered by the State Revenue Office.
These measures have to be approved by the Victorian Parliament before they can start. You should only rely on the exact detail of the changes once the legislation is passed, which is likely to be in June 2018.
| Measure | Expected start date |
|---|---|
|
Reduced payroll tax rate for regional businesses The payroll tax rate paid by regional Victorian businesses to be reduced to 2.425 per cent. (The regional rate applies where at least 85 per cent of a business’ payroll goes to regional employees.) |
1 July 2018 |
|
Young farmer duty exemption threshold rises The young farmer duty exemption threshold to be aligned with the threshold for the first home buyer duty exemption. The exemption will be available for farmland purchases valued up to $600,000. A concession from duty will also apply for farmland purchases valued from $600,001 to $750,000. |
Applies to transfers occurring on or after 1 July 2018 |
|
Defence force personnel exempt from residence requirements Australian Defence Force personnel to be exempted from residence requirements for the first home buyer duty exemption and concession on all transfers. |
Applies to transfers occurring on or after 1 July 2018 |
