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Vic budget business incentives welcome: VACC

24 November 2020

Today’s Victorian Budget reveal has been welcomed by the Victorian Automobile Chamber of Commerce (VACC) as being business focussed which, ultimately, will be good for the state.

In a year many business owners would rather forget, today’s announcement by State Treasurer, Tim Pallas of tax credit incentives and motor vehicle duty relief will go some way to alleviating business pressures.

“Victorian businesses have experienced the most difficult year in living memory. Today’s budget, handed down by Minister Pallas, will go some way to assisting the business community as it rebuilds,” said VACC CEO, Geoff Gwilym.

One employment-building initiative is tax credits to help businesses retain existing staff and hire new people.

“VACC welcomes tax credits for the business community. The ten-cents-in-the-dollar tax credit will help incentivise small and medium-sized businesses to rehire, restore staff hours, or create new jobs. This is great news for business and for jobs.”

Also announced in the budget was motor vehicle duty relief for vehicle owners affected by the 2020 bushfires of up to $2,100 per replacement vehicle, for up to two vehicles.

“This is good news for motorists who may be in a better position to replace vehicles now rather than later,” said Mr Gwilym.

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