From the Chief Executive 5 July 2019
Such policies, which came into effect on 1 July 2019, include the introduction of a stamp duty concession for regional commercial and industrial properties. These properties will receive a concession of 10 per cent, which will increase by 10 percentage points each year reaching 50 per cent by 1 July 2023. It is expected that 2,400 businesses will take advantage of the concession each year, saving an average of $17,500 by mid-2023.
We were also pleased to see the new eligibility rules for the regional payroll tax rate simplified by removing the ‘business location test.’ Employers are no longer required to have their business address registered in regional Victoria in order to take advantage of the lower payroll tax rate. Businesses will be eligible if 85 per cent of wages are paid in the regions.
The Victorian Chamber urges you to take advantage of the changes that came into effect on 1 July 2019. A complete breakdown of these changes can be found here.
On the events front, we are looking forward to our upcoming Victorian Chamber presents: The Power of Purpose breakfast, to be held on Wednesday 24 July at Palladium, Crown.
At this event, you will hear from Scottish specialist Alan Clayton, on how his organisation, Alan Clayton Associates, builds its client’s capacity to achieve large-scale, sustainable, mission-driven fundraising growth.
Alan supported the Royal Flying Doctor Service Victoria in a quest to rediscover and focus its purpose, and this journey successfully led the organisation through a period of extraordinary growth in just four years.
Join us and be inspired with knowledge on how to re-evaluate, reinvigorate and reset your business’ purpose. We hope to see you there.
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