VIC’s State Budget 2020/21

Victoria’s budget to repair and recover from the COVID-19 pandemic

With the recent release of Victoria’s 2020/21 budget, it is clear that its priority is to repair, and recover from the damages of the COVID pandemic and make Victoria stronger by putting its people first. With the immense borrowing and spending the government has in place, most will benefit in the immediate future with the big losers being future taxpayers, electric car owners, and unsafe drivers.

Budget Highlights for Businesses:

  • Net debt will reach $86.7 billion this year and grow to $154.8 billion by 2023-24.
  • Job Seekers
    $250 million will be spent on subsidising the wages of up to 10,000 new workers. $150 million of that will go towards employing women specifically, with a third of women placements to go towards women over the age of 45.
  • Business Support Fund
    $2.6 billion in grants have supported businesses in the hardest-hit sectors during the pandemic.
  • Sole Trader Support Fund
    $100 million to help sole traders in affected sectors.
  • Taxes & Fees Relief
    Over $1.8 billion in relief from taxes and fees, including a full refund and waiver of 2019-20 payroll tax for small and medium businesses, providing cashback in their bank accounts when they needed it most. This includes exempting businesses in Victoria participating in the JobKeeper program from payroll tax and WorkCover premiums on additional wages paid to staff who were stood down or earnt less than the JobKeeper payment.
  • Freezing and Waiving Taxes and Charges
    2020 and 2021 liquor licence fees have been waived, while the 2020-21 Fire Services Property Levy was frozen at the 2019-20 revenue target. Increases to the landfill levy have also been deferred.
  • Payroll tax credits
    $836 million in New jobs tax credits over the next two years for small and medium businesses who re-hire staff, restore hours and create new jobs.
  • Increasing payroll tax thresholds
    The threshold for paying payroll tax on an annual basis will increase from $40,000 to $100,000, reducing administration costs and providing $309 million of cash flow support to 7,000 businesses.
  • Solar energy for businesses
    Small businesses will now also be eligible for Solar Homes, with up to 15,000 rebates available to help reduce energy costs.
  • Carbon Farming
    $92 million over the life of the program for carbon farming on private and public land by incentivising the restoration of native vegetation and carbon plantings. This will also deliver jobs and improve productivity for farmers.


LIMITED-TIME OFFER – GET $100 OFF ON BASIC PACKAGE TODAY!*

You’ve chosen TAXOPIA LITE, a self-lodgment service. Please be aware that tax offices are starting to phase-out DIY paper lodgments and are encouraging the transition to digital.

Don’t be the last one to enjoy hassle-free digital lodgments. Upgrade to TAXOPIA BASIC PACKAGE today with a special limited-time $100 discount* and enjoy the benefits of having our accountants lodge for you.

As a bonus benefit for working with us, you get a lodgment deadline extension period to avoid penalties.

*The discount only applies to lodgments for one financial year. For clients requiring lodgment for multiple financial years, the discount applies only on the first year. all succeeding tax returns after that will be at regular price.

For the LITE Package: Please note that is a self lodgment service and does not include electronic lodgment by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

GET $100 OFF ON BASIC PACKAGE

Continue With Lite Package

You’ve chosen the Taxopia Lite Package…

TAXOPIA LITE is a self-lodgement service. Please be aware that for majority of tax payers, the due date for self-lodged returns is 31st of October.

If you’re self-lodging overdue tax returns, it may put you at risk of incurring penalties from the ATO. We recommend you upgrade to TAXOPIA BASIC PACKAGE and enjoy the benefits of having our accountants lodge for you and get a lodgement deadline extension period to avoid penalties.

For the LITE Package: Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

GET STARTED WITH THE BASIC PACKAGE

Continue With Lite Package

Need a fast turnaround?*

If you require your taxes to be completed faster, we have a premium Fast Lane option available for this package which puts your request at the front of the queue of our workflow. 

*Excludes public holidays, weekends and office closure dates.

Need a fast turnaround?*

Taxopia’s standard turnaround for this Lite package is three business days. If you require your taxes to be completed faster, we have a premium Fast Lane option available. With this option, pay $220+ GST to get your taxes done within one business day!

*Excludes public holidays, weekends and office closure dates.

A friendly reminder…

Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

If this option suits your needs, please click below to get started.

Yes, let’s go!

You’ve chosen the Taxopia Lite Package…

Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

If this option suits your needs, please click below to get started.

Get started now!

* Sole Trader Package pricing conditions, please take note the pricing excludes the following items; however, these services can be provided for an additional cost.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote.

Get started now!

* Premium Package pricing conditions ($1200+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Standard Package pricing conditions ($800+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Basic Package pricing conditions: ($400+ GST):

If you do not qualify for this option, you will need to consider our Standard Package ($800+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Get started now!

Company or Trust Tax Return for Accountants & Bookkeepers

* BASIC PLAN ($400+ GST) CONDITIONS:

* STANDARD PLAN ($800+ GST) CONDITIONS:

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Premium Package pricing conditions ($1200+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Standard Package pricing conditions ($800+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Basic Package pricing conditions: ($400+ GST):

If you do not qualify for this option, you will need to consider our Standard Package ($800+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Get started now!

Enquire Now

Fill out the form below and we will get back to you as soon as we can.