The Victorian Budget was presented by the Victorian Treasurer, Tim Pallas on Tuesday, 1 May 2018. The primary focus of the Budget was on funding transport, health and education in high growth areas and regional Victoria and to create more jobs for Victorians. The Budget provided:
- a $10 million extension to the Premier’s Jobs and Investment Fund
- $13.5 million for the small and medium enterprise sector and
- $16.1 million to grow agricultural exports.
Revenue announcements are aimed that promoting investment in jobs growth as follows:
From 1 July 2018, the payroll tax free threshold will be increased from $625,000 to $650,000 for all businesses in Victoria The payroll tax rate for businesses based in regional Victoria, and with payrolls that comprise at least 85% of Victorian wages associated with regional employees will be reduced from 3.65% to 2.425%– half the metropolitan rate and the lowest payroll tax rate in Australia. This Budget aligns the young farmer duty exemption with the threshold for the first home buyer duty exemption. The exemption will be available for farmland purchases valued up to $600,000. A concession from duty will also apply for farmland purchases valued from $600,001 to $750,000. This applies to transfers occurring on or after 1 July 2018. Australian Defence Force personnel will be exempt from residency requirements for the first home buyer exemption and concession on all transfers.