Vic: New tax package biggest one off cut for decades, Bracks

AAP General News (Australia)
04-26-2001
Vic: New tax package biggest one off cut for decades, Bracks

Victorian premier STEVE BRACKS says his new tax package gives the biggest one-off tax
cut for decades.

He says it will deliver $774 million in tax relief for businesses in the state over
the next four years.

The package includes cuts in payroll tax and land tax.

Mr BRACKS says they're pursuing lower, fewer and simpler taxes.

And he says the tax package will boost Victoria's competitiveness, helping it to attract
investment and jobs.





Treasurer JOHN BRUMBY says the payroll tax rate will be cut from 5.75 per cent to 5.45
per cent from July 1 this year, further reducing to 5.35 per cent from July 1, 2003.

He also says there will be an increase in the payroll tax threshold of $515,000 to
$550,000 from July 1, 2003.

Mr BRUMBY says there will also be an increase in the tax-free, land tax threshold from
$85,000 to $125,000 from July this year, freeing around 46,000 small businesses investors
and self-funded retirees from the land tax net.

Also included in the package will be the abolition of stamp duties on non-residential
leases, unquoted marketable securities and mortgages.

The tax package also simplifies payment collection, with business able to pay electronically.

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KEYWORD: BUDGETVIC TAX (MELBOURNE)

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