Rural Victoria wins tax cuts in state budget

Rural Victoria wins tax cuts in state budget

Rural communities are set to benefit from tax cuts announced in the Victorian Government’s 2017-18 Budget.

The Victorian Farmers Federation praised the Victorian Government’s move to slash payroll tax by 25 per cent for regional businesses paying at least 85 per cent of their payroll to rural-based employees.

“We’re delighted to see payroll tax cut down to 3.6 per cent in this 2017’s budget because it’s a move that will ensure many small businesses remain sustainable,” VFF President David Jochinke said.

“The VFF has advocated for years to cut the payroll tax as a way to help grow rural businesses and communities, and the Victorian Government has shown that it values investment in rural industries.”

The Victorian Government also committed to scrapping insurance duties on agricultural products for insurance against flood, fire, and other accidental provisions.

“The VFF has opposed this tax for years and it’s great to see the Victorian Government listening to the concerns of farmers because getting rid of insurance duties will relieve an unnecessary financial stress on our primary producers,” Mr Jochinke said.

“Farmers need to be able to feed our State and by getting rid of insurance duties, primary producers will have more affordable options to manage the increasing level of risk they face each year.”