The calculation to determine the 2023-24 liability is:
Gross Taxable Victorian Wages – Deduction = Net Victorian Wages
Net Victorian Wages X payroll tax rate = 2023-24 liability
Example
A full year Victorian only employer with $850,000 wages for the period 1 July 2023 to 30 June 2024.
Deduction: $700,000
Non regional tax rate: 4.85%
$850,000 - $700,000 = $150,000 Net Victorian Wages
Net Victorian Wages $150,000 X 4.85% = $7,275 liability