Leading chief executives have hit back at Victorian Premier Daniel Andrews’ claim that extracting $3.9 billion from businesses with payrolls above $10 million will hit “very big business”, claiming it will also hurt local and family businesses.
Victorian treasurer Tim Pallas hosed down rumours he has one eye on retirement, telling reporters on Wednesday he would deliver next year’s state budget as well.The President of the Business Council of Australia and former MYOB CEO Tim Reed said a $10 million wages bill did not define a big business.“Almost any business that requires heavy assets, or those that import fast-moving consumables but may run on very thin profit margins will hit this screen.
“We’re a growing employer with a large presence in Victoria and passionate about developing digital jobs in the state,” he said. “We’re disappointed there wasn’t any consultation with businesses like ours about the impacts that a decision like this could have.” The payroll tax increase will apply from July and impose an additional 0.5 per cent on businesses with a national payroll above $10 million, on top of the additional 0.5 per cent for the mental health levy above the current rate of 4.85 per cent.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Victoria slugs business, property investors $8.6bAn $8.6 billion COVID Debt Levy on big business with payrolls above $10 million a year, landowners and property investors forms the centrepiece of Victoria’s budget to “pay off our COVID credit card”, Treasurer Tim Pallas revealed. auspol
Source: FinancialReview - 🏆 2. / 90 Read more »
Victorians have their say on the state budgetA small business owner, a patient, a family, a commuter, the owner of a holiday house and an international student have their say on the Andrews government’s ninth state budget.
Source: theage - 🏆 8. / 77 Read more »
Why Victoria’s brutal budget hit should worry big businessThat Victorian Treasurer Tim Pallas has used the same playbook two out of the last three years should concern business leaders. ausbiz auspol
Source: FinancialReview - 🏆 2. / 90 Read more »
‘Fallout’ from Victorian state budget ‘continues’: CredlinYesterday's Victorian state budget is a shameless attack on business, property owners and private schools, and the fallout continued today, says Sky News host Peta Credlin. “And because the Andrews government is usually a model for Labor everywhere, it's a grim foretaste of what may come to other states across our federation,' she said. Ms Credlin said because it can't stop its spending, the Andrews government is “effectively broke”. “But rather than change, it's hitting the most productive people, and punishing aspiration, so that it can keep bribing key constituencies. “The extraordinary thing about this budget is that, despite all the new taxes, it actually doesn't tackle debt – debt's expected to hit $170 billion, with an interest bill that will rise to $8 billion a year.'
Source: SkyNewsAust - 🏆 7. / 78 Read more »