Victorian Treasurer Tim Pallas and Victorian Premier Daniel Andrews. Source: AAP/Erik Anderson.
Small businesses are hopeful the Victorian government’s upcoming budget will include measures to address labour shortages, increase the payroll tax-free threshold and create more opportunities to expand local manufacturing.
The state budget, to be unveiled on Thursday, will include funding for transport, hospitals and changes to stamp duty. However, no pre-budget announcements have so far been made for the small business sector.
Treasurer Tim Pallas announced a premium stamp duty will be introduced for property transactions above $2 million to help improve the budget’s bottom line. This year, the deficit is expected to reach more than $17 billion.
New Business Levy to Fund $3.8B Mental Health Reform: Victorian Budget
Victorian-based businesses will be levied with a new surcharge to rebuild the state’s “broken” mental health system, according to the state’s newly released 2021-22 budget.
On Thursday, Treasurer Tim Pallas revealed the state of Victoria’s economy, which is expected to reach a net debt of $102.1 billion this year and increase to $156.3 billion in 2024-25.
The state has responded with a suite of new taxes to balance the books, as well as new initiatives targeting the health, education, and transport sectors.
The newly announced Mental Health and Wellbeing Levy will bankroll the state’s $3.8 billion mental health system reform.
ASX to rise, Wall Street pares losses late, $A drops
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Australian shares are poised to edge higher as Wall Street pared earlier losses in half in the final hour of its day in yet another buy-the-dip rebound.
ASX futures were up 4 points or 0.1 per cent to 6932 near 7am AEST, reversing earlier modest losses. The currency fell 0.8 per cent. The yield on the US 10-year note was 3 basis points higher to 1.67 per cent near 4.59pm in New York.
Bitcoin was down 8.4 per cent to $US39,457.12 at 6.25am AEST on bitstamp.net in volatile trading. Tesla slid 2.5 per cent to $US563.46; it earlier fell as low as $US546.98.
Victorian debt forecast plummets due to thriving property market20/05/2021|1min
Victorian Treasurer Tim Pallas has promised a path back to surplus as he prepares to reveal the state s post-pandemic budget.
He has predicted smaller deficits over the next four years following the federal government s big spending response.
The improvement to the state’s balance sheet has been credited in part to the red-hot property market, higher than anticipated GST revenue
government plans to forge ahead with plans to raise $2.4 billion in land taxes.
The proposal would see stamp duty increase by one per cent for properties which sell for more than $2 million.
Victoria stamp duty hike takes tax policy backwards afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.