Government announces Special Tax Waivers for Victorians to beat Coronavirus
Government announces Special Tax Waivers for Victorians to beat Coronavirus
The State Government of Victoria has announced a range of tax waivers for Victorians reeling under Coronavirus lockdown. The Government through the Victoria’s State of Emergency will support businesses suffering losses and jobs affected due to Coronavirus pandemic through special tax waivers.
Highlights
- Payroll tax waived for 2019-20 for small businesses
- Liquor licence fees waived for 2020
- Option to defer land tax till 31 st December 2020
Payroll tax waived for 2019-20 for small businesses
- Small businesses with taxable wages less than $3 million will not have to pay Payroll tax for the financial year 2019-20.
- The business must continue lodging returns but do not need to make further payments for this financial year.
- Those who already made payments in the form of Payroll Tax for this year will be reimbursed by the State Revenue Office.
- Eligible businesses have the option of deferring payroll tax for 1 st quarter of 2020-21 Financial year
- Further information will be available to eligible businesses by the state administration. Liquor licence fees waived for 2020
Liquor licence fees is waived for 2020.
- Those who have already made the payment for 2020 will be reimbursed shortly.
- Those who are yet to pay need not pay the licence fees.
- Victoria Revenue Office will administer the reimbursement process even if the licence. fee is made to Victorian Commission for Gaming and Liquor Regulation.
Option to defer land tax till 31 st December 2020
- Those landowners who have at least one non-residential property and total taxable landholdings below $1 million are allowed to defer their land tax payment until after 31 st December 2020.
- Victoria revenue Office will contact all eligible landowners. All businesses in Victoria can get information on COVID-19 measures by calling on Business Victoria hotline number: 13 22 15. Along with this, the Federal Government of Australia has announced two economic stimulus packages totalling $118 billion to deal with economic crisis unleashed by Coronavirus pandemic.
Focus On Growing Your Business, Leave The Accounting On Us!
- Income Tax : File your taxes & get the best claims & returns.
- Accountancy : Hire expert accountants to manage your transactions.
- Bookkeeping : Let us handle your record books and expense reports.
- Business Advisory : From company set-up to payroll, we handle it all.