Assets expenditure is focussed on maintaining existing assets or creating new assets. The 2021-22 Victorian Budget has been delivered with key takeaways highlighting a reliance on new taxes and an increase to existing ones. After a delayed 2020-21 budget on account of COVID-19, this budget was back in its traditional May timeslot. Open: 9am - 12pm and 1pm - 3pm Monday to Thursday, Closed: Friday, Address: 609 Burwood Hwy, Knoxfield 3180 1:01pm May 20, 2021 Victoria has recorded a monster deficit of $17.4 billion in the 2020-21 financial year and is forecast to remain in a shortfall until at least 2025, according to the State Budget. However, there are very real and obvious savings that could be generated through consolidating and transforming public sector operations. This reduced compliance was previously available only to businesses with a payroll tax liability of $40,000 or less. The Department of Treasury and Finance acknowledges Aboriginal Traditional Owners of Country throughout Victoria and pays respect to their cultures and Elders past, present and emerging. Clause 14 of the Charter of Budget Honesty requires the release of a MYEFO each year by the end of January, or six months after the last budget, whichever is later. The policy will be adjusted, with a reduction in the guaranteed annual base increase from 2 to 1.5%. Funding will also include establishing a support service or agency to assist on-demand workers. 3, Victorias Economic Bulletin, Volume 6, No. '$' marks the spot with this budget, plunging victoria into record levels of debt and tracking to spend $49 billion over the next four They can move to annual reporting and payment rather than monthly, from 1 July 2021. You must have JavaScript enabled to use this form. The 2021-22 Victorian state budget recognises this, and makes important new investments in mental health, as well as education and family violence prevention. Download Budget Paper 3: Service DeliveryExternal Link (PDF, 3.2 MB), Download Budget Paper 3: Service DeliveryExternal Link (DOC, 1.1 MB). The budget papers forecast this revised wages policy will deliver $1.88B in savings over the forward estimates (over four years). east Strata parking rules If you own a car, check whether your lot includes a parking space and how you are allowed to use that space. An interesting note is that no funding was allocated in this budget to further the digital twin pilot budgeted last year under DELWP. This includes commencement of remediation works, installation of essential utility services, and establishment of road access to the University of Melbournes future School of Engineering campus scheduled to open in 2024. Budget Paper 4 describes the Victorian Government's asset investment program. Ironically, though, for a budget looking to boost economic activity, this is not a budget that is sympathetic to businesses unless of course you operate in the construction and infrastructure sector. A payroll tax credit for businesses with payrolls less than $10 million whose Victorian taxable wages increase in 2020-21 and 2021-22 applies to the 2020-21 and 2021-22 payroll tax . Please note that due to the age of these documents they may not meet current web publishing requirements and may not be compatible with some software. The 2021-22 State Budget was announced on 20 May 2021. Further information can be accessed under State Budget papers. The Final Budget Outcome (FBO) encompasses Australian Government general government sector fiscal outcomes for the financial year and is based on external reporting standards. There is a similarly . It includes a breakdown of all output funding with associated performance targets. While this is expected to represent less tax payable by around 42,000 businesses, it is still well below the threshold of other states and territories which are in the $1m-$2m range. Budget Paper No. Taxation revenue is forecast to increase by 13.2% in 2021-22, partly due to economic conditions recovering from the COVID-19 pandemic slump and the introduction of new taxes. Budget Paper 1 is the speech the Treasurer gives to outline the Budget to Parliament and Victorians. Treasurer of the State of Victoria Victorian Budget 2021/22 STRATEGY AND OUTLOOK Budget Paper No. To come into effect on 1 January 2022, this levy will apply to the Victorian wages which are paid by businesses with an Australian wages bill in excess of $10m. The levy or surcharge will be 0.5% on wages in excess of $10m and 1% on those in excess of $100m. The Secretary Department of Treasury and Finance 1 Treasury Place Melbourne, Victoria, 3002 . 2021-22 State Budget The 2021-22 State Budget was delivered on Thursday 20 May 2021. Specialising in payroll tax law, we are ideally placed to assist businesses to optimise their situation, Peter Tobin, Tobin Partners Lawyers peter@tobin.net.au 0438 001 809, To view or add a comment, sign in 20/05/21. since the 2020-21 Budget and $7.1 billion TEI in new capital investment. 21 hours ago . Budget Information Paper: Rural and Regional, Budget Information Paper: Gender Equality Budget Statement, Download the Rural and Regional Budget Information, Bringing the Commonwealth Games to our regions. We honour Elders past and present whose Please contact the National Relay Service on It contains the Treasurer's message, information about the Government's investments and plain-English summaries of Budget decisions. $31.68 million for Parks Victoria to continue the Park Rangers program, retain 57 park rangers and support staff roles and help meet unprecedented visitor demand, enabling dedicated rangers to undertake critical fire management roles and deliver important planning for Wattle Park in Burwood. Victoria's population growth is expected to grow slightly in 2021-22, rising further by 1.2 per cent in 2022-23, as Announced in the Budget is. Download the Gender Equality Budget StatementExternal Link (PDF, 1.1 MB), Download the Gender Equality Budget StatementExternal Link (DOC, 75 KB). The 2021-22 Victorian Budget has been delivered with key takeaways highlighting a reliance on new taxes and an increase to existing ones. $6.56 million to continue the implementation of Plan Melbourne, the Governments metropolitan planning strategy guiding Melbournes growth and infrastructure until 2050. It's our Pandemic Repair Plan for more staff, better hospitals and first-class care. The budget provides projections of government revenue and expenditure for the following year, and outlines services to be delivered. The Gateway Review Process will also be improved to better identify risks and manage potential cost pressures. Budget Paper 2 outlines the State's current and expected economic and financial performance and outlines the Government's fiscal and economic strategy. This investment will mitigate the risk of major tram service disruptions and ensure the system can continue to operate while a replacement system is developed. Visit budget.vic.gov.au. Federal and State Budgets Parliament Sitting Dates Bolster your government market strategy Intermedium connects the dots between government spending and supplier opportunities, taking the guesswork out of the market and strengthening your next bid or proposal. But the budget is optimistic that the state will bounce back, and is tipping a return to a surplus of about $650 million in 2025/26. Improving our states planning system and speeding up the delivery of housing and infrastructure projects in our growing communities. The Royal Commission into Victorias Mental Health System outlined a 10-year plan to transform the states mental health and wellbeing system. $15M is provided to establish the Office of TAFE Coordination and Delivery as a separate business unit in the Department of Education and Training, to lead strategic projects and enhance collaboration across the TAFE network. However, a threshold of $10M means the levy will impact an estimated 9000 businesses, many of which could best be described as only medium-sized. However, the Treasurer also announced an additional tax which is based on payrolls the Mental Health and Wellbeing Levy. To come into effect on 1 January 2022, this levy will apply to the Victorian wages which are paid by businesses with an Australian wages bill in excess of $10m. maintenance of spiritual and cultural practices and their $464M is also going to VicTrack for regional rail sustainability. While there are initiatives that appear to be aimed at stimulating jobs across other sectors such as the $50M allocated towards a vaccine manufacturing capability, $160M for the tourism industry and $288M for creative industries these seem more about maintaining the jobs we have. The Mid-Year Economic and Fiscal Outlook (MYEFO) updates the economic and fiscal outlook from the previous budget. The State Budget provides a comprehensive program of work to ensure the new mental health and wellbeing system meets the needs of Victorians. The Victorian Budget 2020-21 includes a number of announcements related to legislation administered by the State Revenue Office.. 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