SLASHING STAMP DUTY IN HALF TO BOOST REGIONAL BUSINESSES
The Andrews Labor Government is making it even easier for businesses to establish and expand in the Mitchell Shire by cutting stamp duty by 50 per cent.
As of 1 July, commercial and industrial properties in the Mitchell Shire will receive a duty concession of 10 per cent, which will increase by 10 percentage points each year reaching 50 per cent by 1 July 2023.
It not only presents business opportunities for new operators but also minimises costs for businesses wishing to expand or move their operations across regional Victoria, including Mitchell Shire.
It is anticipated that 2,4000 transactions will take advantage of the concession each year, saving an average $17,500 by mid-2023.
The Andrews Labor Government is doing more to encourage businesses to relocate to Victoria’s regional areas, while supporting existing regional businesses to expand their operations and hire more staff.
Further reductions to the regional payroll tax rate are also planned, providing a massive boost for rural and regional businesses.
The regional payroll tax rate will reduce 0.4 percentage points each year from 2020-21 until 2022-23, at which point it will be a quarter of the metropolitan rate.
It will fall to 1.21 per cent by 2022-23, meaning regional businesses in Victoria will continue to have the lowest payroll tax rate in the country.
Around 3,500 regional businesses are expected to benefit from the payroll tax relief.
From 1 July, businesses will no longer have to have their business address registered in regional Victoria to take advantage of the reduced regional rate, meaning more businesses will qualify.
Instead, businesses will be eligible if 85 per cent of wages are paid in the regions.
Since November 2014, more than 60,000 new jobs have been created in regional Victoria with the unemployment rate in the three months to May 2019 the lowest on record at 4.1 per cent.
Quotes attributable to Acting Treasurer Robin Scott
“This will help thousands of regional businesses expand their operations, reach new markets and create jobs.”
“It complements our suite of measures in regional Victoria that have eased regulatory burden, encouraged growth and boosted local employment.”
Quotes attributable to Member for Yan Yean Danielle Green
“We’re building on our record of supporting jobs and growth in regional Victoria, including Mitchell Shire.”
“These specific regional tax measures will benefit interface council areas such as Mitchell, Murrindindi and Macedon, which is fantastic. It means that families moving into new estates, particularly in Beveridge and Wallan, will more likely secure local jobs.”
There’s also the potential to attract workers living in the northern suburbs to travel outwards to work rather than into the city.”
Quotes attributable to Upper House Member for Northern Victoria Jaclyn Symes
“We’re proud to be making regional Victoria an even better place to live, work and invest – and under a Labor government, the regional unemployment rate is the lowest it’s ever been.”
“With further cuts to the regional payroll tax rate and stamp duty cuts on commercial property, we’re making sure regional businesses can thrive, and encouraging companies to move to country Victoria and grow local jobs.”