Victorian Budget 2024-2025

Victorian Budget 2024-2025

The Victorian Budget 2024-2025 has been released by the Treasurer.

While the budget provides for measures across all aspects of daily life in Victoria, both now and in the future, an overview of the significant changes in terms of Victorian taxes and levies is below.

• PAYROLL TAX: The payroll tax-free threshold will lift from $700,000 to $900,000 from 1 July 2024, and $1 million by 2025. This will reduce the payroll tax payable for many businesses and eliminate the need to pay payroll tax for smaller businesses. However, the threshold will also be phased out for larger businesses.

• INSURANCE DUTY: Business insurance duty will be abolished over 10 years resulting in a reduction in insurance costs to business.

• WASTE LEVY: Harmonisation of Victoria’s waste levy with New South Wales and South Australia will result in an almost 30% increase the waste levy for municipal and industrial waste from $132.76 in FY25 to $169.79 in FY26.

The summary of the State Taxation Amendment Bill 2024 suggests that it will amend the Duties Act 2000, the Gambling Taxation Act 2023, the Land Tax Act 2005, the Payroll Tax Act 2007, the Taxation Administration Act 1997 and other Acts. We will provide further updates once the Bill is published.

More information can be found about the broader budget on the Victorian Government's website.

2024-25 State Budget | Department of Treasury and Finance Victoria (dtf.vic.gov.au)

Please contact us if you have any questions or would like to further discuss the impacts of the Victorian Budget 2024-2025 on your business.