Victorian Budget 2014: payroll tax rate to be reduced; life insurance stamp duty to be abolished [76]

The Victorian Budget 2014-15 was handed down on Tue 6.5.2014. The Victorian Treasurer Michael O’Brien announced the State Budget “will deliver an operating surplus of id=”mce_marker”.3bn in 2014-15 growing to $3.3bn by 2017-18.” Revenue measures announced included:

• from 1 July 2014, payroll tax rate will be reduced from 4.9% to 4.85%;
• from 1 July 2014, the duty payable on life insurance in Victoria will be abolished; and
• from 1 July 2014, motor vehicle stamp duty and registration will increase.

[LTN 84, 6/5/14]