Victorian Business Support Package Announcement
On Sunday the 13th of September, Premier Daniel Andrews announced a $3b package to support Victorian businesses impacted by the ongoing Coronavirus restrictions.
The funding will include a third round of the Business Support Fund available to businesses that:
- Operate a business located within Victoria;
- Participate in the JobKeeper Scheme;
- Employ staff and are registered with WorkSafe;
- Have annual payroll of less than $10m for the 2020 financial year; and
- Are registered for GST and have an ABN.
The grants available are:
- $10,000 for a business with annual payroll of less than $650,000.
- $15,000 for a business with annual payroll between $650,000 and $3,000,000.
- $20,000 for a business with annual payroll of between $3,000,000 and $10,000,000.
The application process will open on Friday the 18th of September on the www.business.vic.gov.au website.
Additionally, a dedicated Licensed Venue Fund will be established to assist the heavily impacted hospitality sector.
Grants of between $10,000 and $30,000 will be available to eligible bars, restaurants, pubs, clubs, hotels and reception centres based on their venue capacity and location.
There will also be a Sole Trader Support Fund established to provide grants of between $3,000 and $30,000 for eligible sole traders who operate from a commercial premises or location at which the operator is a tenant or licensee.
A range of additional measures will also be taken, including:
- waiving 2021 liquor license fees;
- deferral of Payroll Tax for businesses with payroll up to $10m;
- waiver of congestion levy;
- waiver of vacant residential land tax; and
- bringing forward the 50% stamp duty discount for commercial and industrial property in regional Victoria to 1 January 2020.
A range of additional measured aimed at supporting business adaptation were also announced, including:
- a voucher program to assist sole traders and small businesses in building their digital capability;
- a package to help Victorian exporters get their products to market and establish new trade channels;
- an expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses;
- an Outdoor Eating and Entertainment Package to support hospitality businesses prepare for COVID Normal reopening across Victoria; and
- a joint Melbourne City Recovery Fund between the Victorian Government and the City of Melbourne to support Melbourne reopening to COVID Normal in the lead up to the holiday season.
Further details on the announcements are expected to be available in the coming days and weeks.
Businesses are encouraged to monitor www.business.vic.gov.au for details about eligibility and applications.
In the meantime, please contact our office if you need assistance to understand what your business may be entitled to.
Sky Accountants Ballarat
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437