According to the Victorian Chamber of Commerce and Industry (VCCI), the 2023-24 State Budget brings new and increased taxes and levies which will hit medium to large businesses. These will directly impact jobs and investment in Victoria.
It is positive for small businesses that will benefit from paying less payroll tax and the abolition of insurance duties over the next 10 years.
It is negative for medium businesses that will have a higher payroll tax bill, which only serves to discourage more jobs in Victoria, and people who own more than one property will either receive a new land tax bill or their current bill will increase.
It is again a negative for big business with turnovers of more than $100 million, that once again face an even higher payroll tax and land tax rate
VCCI has provided an overview of the Budget highlighting the items which will directly and indirectly affect businesses.
