Vic: Bracks govt announces tax package = 2

AAP General News (Australia)
04-26-2001
Vic: Bracks govt announces tax package = 2

Mr Brumby said three stamp duties would be abolished by removing stamp duty on non-residential
leases, unquoted marketable securities and mortgages, including residential, progressively
over the next four financial years.

Victoria would be the first state to abolish these stamp duties saving Victorians $323.7
million over the next four years, he said.

Mr Brumby said the Better Business Taxes package would be funded through a $774 million
allocation from the budget over the next four years as well as the removal of three payroll
tax concessions.

He said the removal of those three concessions - on fringe benefits, certain eligible
termination payments and specified leave entitlements - would make the payroll tax system
fairer and more consistent with the commonwealth system.

The report by the State Business Review Committee, chaired by John Harvey, was released
in February

The committee had considered how to deliver the government's promised $400 million
in business tax cuts over the next three financial years, including $100 million in 2001-02.

AAP cmc/jlw/ns/bwl

KEYWORD: BUDGETVIC TAX LEAD 2 MELBOURNE

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