The Victorian Liberal Party has pledged to increase the payroll tax threshold from $700,000 to $1.6 million if it wins the 2022 Victorian election.
In its state election manifesto, Fully Charged, VACC calls for the next Victorian Government to raise the payroll tax threshold and welcomes the announcement from Victorian Opposition leader Matthew Guy. The increase will allow Victorian small businesses to prosper and invest for the future.
“Payroll tax is a tax on jobs ... (the policy) will allow those businesses to employ more Victorians or rejig their businesses to future-proof them,” said Mr Guy.
VACC CEO, Geoff Gwilym attended the Victorian Opposition leader's press conference at the Melbourne Performance Centre in Croydon South on behalf of Chamber members.
"Currently, we have the most punitive payroll tax regime of all Australian states and territories. While regional employers have benefited from payroll tax reform in Victoria, this is not the case for metropolitan-based employers," said Mr Gwilym.
As the state recovers from the COVID-19 pandemic, the Chamber promotes policies supporting businesses that keep the economy moving – there are 19,000 automotive businesses alone. Increasing the payroll tax threshold will help bolster Victorian business competitiveness, capital investment and future jobs growth.
Have you read Fully Charged? The VACC 2022 state election document calls for the implementation of 27 recommendations that will make a difference to Victoria’s 19,000 automotive businesses and the 110,000 Victorians working in them. Not to mention Victoria’s 4.5 million or so motorists. Download here.