The Victorian Government has recently announced new tax relief measures to support businesses through Victoria’s State of Emergency, in response to the COVID-19 pandemic.
These tax relief measures announced by the Victorian Government are a welcome reprieve in the current climate.
All businesses that are liable for payroll tax in Victoria with annual taxable wages up to $3 million will have their entire payroll tax for the 2019 – 2020 financial year waived.
This also means that businesses that have paid payroll tax for the current financial year would be reimbursed any payroll tax paid.
Businesses should note that they must continue to lodge returns, even if the tax payable is waived.
Further, businesses should note that the new measures also include a deferment of payroll tax for the first quarter of the 2020 – 2021 financial year.
Victorian land owners with at least one non-residential property will be pleased to note that they have the option of deferring their payments for the 2020 land tax assessments.
The State Revenue Office has indicated that the deferment will apply until after 31 December 2020.
Please note however that the land tax deferral will apply only for land owners whose total taxable landholdings are below $1 million.
Liquor licence fees
Although not a tax, the State Revenue Office has announced that it will administer the reimbursement of renewable liquor licence fees for 2020. This will occur regardless of whether the licence fee was paid to the Victorian Commission for Gaming and Liquor Regulation or the State Revenue Office.
Those who have yet to pay will also have the liquor licence fee waived.
Please do not hesitate to contact Tony Pointon or Thomas Abraham of our firm on (03) 9614 7707 should you require assistance with further understanding these measures, assistance with obtaining tax relief or any other legal matters.