Payroll Tax Changes for Victorian Businesses

In this short video, Ewen shares what you need to know about the 2024-2025 Victoria state budget, including the significant payroll tax changes starting 1 July 2024. The payroll tax threshold will rise from $700,000 to $900,000, potentially exempting many businesses. By 1 July 2025, this threshold will further increase to $1 million.

However, businesses with employment costs between $3 million and $5 million will face increased payroll taxes due to the gradual removal of the exempt amount. For example, a Metro business with $5 million in employment costs will see their tax bill rise by $43,750.

Get in touch if you want our help understanding how these changes will affect your business.