Victoria offers one of the most attractive state taxation regimes in Australia, outranking New South Wales and Western Australia, according to the Pitcher Partners Annual State Tax Review 2013/2014.
The survey compares the taxes paid by two hypothetical companies of different size, according to payroll. The survey found that in both scenarios Victoria ranked as number one for the lowest taxes for WorkCover Premiums, and for the company with a payroll of over A$5.8 million Victoria had the lowest Land Tax and Payroll Tax rates in Australia.
For the second scenario, which investigated the taxation rates for a company that has a payroll of A$5.8 million, Victoria was ranked as the second most attractive state in which to do business, due to low WorkCover premiums and land tax rate.
Victoria consistently featured in the top three rankings for the lowest taxation rates in a variety of categories, which included; Payroll Tax, WorkCover Premiums, Duty on Transfer of Land, Land Tax and Aggregate Taxes and Charges. The two states with the highest taxation rates for small and medium-sized businesses was New South Wales and Western Australia.
Starting a business in Australia takes only three days, and Victoria offers one of the lowest rates of business tax in Australia. It also has the second lowest payroll tax rate in Australia, which fosters a competitive business environment that is underpinned by a strong and stable financial environment - Victoria is the only state in Australia to have maintained an AAA credit rating for the past decade, making it an extremely attractive place to invest.
Support for investment is offered through the State Government of Victoria's investment promotion agency, Invest Victoria. A team of Investment Managers work closely with investors to provide support in the development of market entry business cases, introductions to relevant industry contacts, the fulfilment of property requirements and ongoing investor support through an extensive network of 18 Victorian Government Business offices throughout the world.