The Abacus

More sweeteners for international companies to invest in Victoria

By: Minister for Small Business
04-05-2018

Victoria is already the home of many Chinese companies including Alibaba, Fu Wah International, Haval, Huawei and Hisense. This week’s Victorian State Budget introduced a suite of incentives to encourage more international companies to invest in Victoria.

An extra $55 million will be allocated to the Investment Attraction and Assistance Program, which brings new businesses to Victoria and helps existing businesses expand – creating new local jobs.

For small businesses in regional Victoria, payroll tax will be cut for the third year in a row, making it the lowest anywhere in Australia.

The regional payroll tax rate will be cut to 2.425 per cent – half the metropolitan rate – and businesses based in regional Victoria and who pay at least 85 per cent of their payroll to regional employees will be eligible from 1 July 2018.

Victorian Minister for Trade and Investment Philip Dalidakis said, “We’re promoting Victoria as a world-class destination for companies to come and do business, as well as helping regional businesses create jobs by cutting payroll tax.” 

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