The calculation to determine the 2024-25 liability is:
Gross Taxable Victorian Wages – Deduction = Net Victorian Wages
Net Victorian Wages X payroll tax rate = 2024-25 liability
Example
A full year Victorian only employer with $950,000 wages for the period 1 July 2024 to 30 June 2025.
Deduction: $900,000
Non regional tax rate: 4.85%
$950,000 - $900,000 = $50,000 Net Victorian Wages
Net Victorian Wages $50,000 X 4.85% = $2,425 liability