JOBS PLAN – FROM THE TREASURER AND PREMIER
To commence with the phase of recovery, the efforts of the Government are to get more Victorians back to work. Not only ensuring the job, but the goal of authorities is to provide security and certainty for them and their family.
This is the reason that why the budget delivers a specified set of initiatives, economy-wide efforts that makes Victoria’s Jobs Plan.
The Jobs plan of the Government is to get more Victorians back to the work meanwhile building an economy which is fairer and much inclusive for everyone.
The efforts defined under the Plan are as follows:
- Building the State while building the economy
- Getting Victorians back to work
- Providing assistance for industries and leveraging the strengths
- Providing assistance to each and every corner of the Sate to assure no Victorian is left behind
However, this plan is not much without a goal. Therefore, the Jobs Plan has set the Jobs Target for creation of 400,000 new jobs by 2025 and half of them that is 200,000 by 2022.
INCLUSIVE EDUCATION FOR YOUNG VICTORIANS
The Authorities also intend to make the school communities much stronger than ever by delivering the historic investment in inclusive education.
An investment of $1.6 billion will change the support for students with disability, doubling the number of students who get extra assistance to 55,000 along with upgrading 39 specialist schools.
All the Government schools will receive benefit from such reforms that will enable access to students who might have previously been eligible for the targeted assistance like those with dyslexia, autism, or complex behaviours.
This reform will get assistance by creation of up to 1730 jobs across the State by 2025 along with new support and resources for incredible school staff to deliver education for all students.
VICTORIA’S BIG HOUSING BUILD
Victoria’s Big Housing Build will provide thousands of Victorians the security and stability of a home.
The Government will invest $6 billion to build more than 12,000 new social and affordable homes, and the authorities intend to make housing more affordable for Victorians.
Record Investment in Social and Affordable Housing
Victoria’s Big Housing Build will transform the social and affordable housing system with $5.3 billion in funding to make more than 12,000 new dwellings that include:
- By replacing 1,100 old housing units, creating 9,300 new social housing dwellings
- The locations which are close to transport and jobs, creating 2,900 new affordable and low-cost homes in them
This package is also inclusive of funding to accelerate public housing capital upgrade program that included enhances gas heater servicing.
There will be partnerships with the community housing sector, private sector construction, industry, and other investors for Victoria’s Big Housing Build.
It is estimation that 10,000 jobs will get assistance on average per year, over next four years. This package builds on $498 million that is provided by Building Works Package.
To make housing more Affordable
This plan also involves $678 million to assist unlock more affordable and accessible housing for Victorians.
Victorian Home Buyer Fund
This gives $500 million to step up Victorians into homeownership. This fund contributes to the purchase price in exchange for a proportionate equity interest in the property. It lowers the size of the deposit that is needed and will certainly assist Victorians to afford their homes sooner.
Land Tax Discount
In order to enhance the supply of housing and for the creation of more options for renters by creating the build-to-rent sector in Victoria, from 1 January 2022, this scheme will provide a 50% land tax discount for eligible new developments until 2040
Land transfer duty waiver
For residential property transactions of up to $1 million, tax relief on stamp duty will also be provided. A waiver of 50% for new residential properties, and 25% for existing residential properties, will be available for the contracts that have entered into between the day after the announcement and June 30th, 2021.
First Home Owner Grant
First Home Owner Grant For people buying or building a new home in regional Victoria to apply to contracts of sale entered up until 30 June 2021, the Government has also extended the $20,000.
Targeted planning system reforms
The assistance of $59 million is provided for targeted planning system reforms. The reforms will have a significant role in unlocking private sector investment and supporting government initiatives that also include the delivery of infrastructure, jobs and housing.
Victorian Budget 2020-21 – State Revenue Office
The Victorian Budget 2020-21 involves numerous announcements that are related to the legislation administered by the State Revenue Office. The measures are listed below with their expected initiation date:
PAYROLL TAX
- For the businesses whose payroll is lower than $10 million and whose Victorian taxable wages increase in 2020-21 and 2021-22- is applicable to payroll tax years 2020-21 and 2021-22.
- An increased annual reporting threshold from $40,000 to $100,000 for the businesses that are registered for payroll tax in Victoria and its expected date of initiation is July 1st, 2021.
LAND TAX
- A discount of 50% as a land tax is provided for eligible build-to-rent developments that also includes an exemption from the absentee owner surcharge till January 1st, 2040 and its expected date of commencement is 2022 land tax year.
- A land tax exemption for land that is owned and occupied by non-profit clubs that give for cultural, social, literary, social, or educational interests of their members and its expected date of initiation is 2021 land tax year.
LAND TRANSFER (STAMP DUTY)
- The 50% land transfer (stamp duty) concession for industrial and commercial properties in Victoria is applicable to the contracts that are entered on or after January 1st, 2021.
- A waiver on land transfer (stamp duty) of up to 50% on the purchases of residential property in Victoria is made with a value that is dutiable of up to $1 million this is applicable to the contracts that have entered into on or after November 25th, 2020 but before July 1st, 2021.
If you need any information on Victorian Budget 2020-21 and want to know more about how to avail of maximum benefits provided by the Government, Reliable Melbourne Accountants is here at your assistance, Call now at 1300 049 534