This Tuesday the 7th of May the Victorian State Budget was delivered. There were no new tax measures announced therefore we provide the following key announcements:

  • $400 school bonus for parents of children attending government schools and eligible parents at non-government schools to help with education-related expenses like Uniforms, Camps, and Excursions.
  • Stamp Duty on commercial property will be abolished and replaced with a new 1% property tax on the site’s value from 1 July 2024.
  • Casual workers will no longer be able to access 5 days of sick leave a year after the program was scrapped.
  • No changes to the Payroll tax changes announced in the 2023 Budget which result in an increase in the Payroll-Tax Threshold from 1 July 2024 from $700,000 to $900,000 and from 1 July 2025 from $900,000 to $1,000,000.
  • Net debt will soar to 187.8 billion dollars by 2027-2028 which equates to $67,000 for every Victorian Household

If any of the above announcements affect you, your business, or your investments please contact your DFKBKM accounting representative.