The payroll tax rate and the WorkCover premium rate have been reduced under changes aimed at helping Victorian businesses reduce costs.
From 1 July 2014, the tax rate for payroll tax, which is payable by employers whose total Australian wages exceed the general tax-free threshold, will be reduced by 0.05 percentage points to 4.85 per cent.
For more information visit www.sro.vic.gov.au
The Victorian WorkCover Authority (VWA) is introducing a number of changes to the VWA (WorkCover) premium rate for the 2014/15 year.
The average VWA (WorkCover) premium rate for 2014/15 will be 1.272 per cent of payroll. This is a 2 per cent reduction on the 2013/14 rate.
For more information visit vwa.vic.gov.au