Victorian Government proposes to introduce payroll tax related changes, as announced in the 2023-24 budget, Details of the proposal are as below;
- The payroll tax-free threshold will be increased:
- commencing 1 July 2024 — from $700,000 to $900,000
- commencing 1 July 2025 — to $1,000,000.
- As part of its COVID Debt Repayment Plan, from 1 July 2023, a levy on payroll will apply to businesses with annual Australia-wide taxable wages above $10m. A rate of 0.5% will apply for businesses with national payrolls above $10 million, and businesses with national payrolls above $100 million will pay an additional 0.5%.
The Position Statement has been revised to include more details about these legislative updates and the patch availability. We encourage our customers to review the position statement regularly to keep up to date. The Position Statement can be found on My Oracle Support, Document ID 2945378.1