Applications for the Business Costs Assistance Program Round Four have opened. Round Four is a Victorian government program that is specifically targeted at the construction industry, unlike earlier Rounds.
It is designed to provide financial compensation for the two-week construction industry shutdown that occurred between 21 September and October 4 due to COVID-19-related health concerns.
More than 70,000 Victorian construction businesses could be eligible to receive a Round 4 payment.
What payments are available?
A one-off payment of up to $8,400 is available, depending on the payroll size of your construction business.
The payment is available for both employing and non-employing construction businesses.
Eligible non-employing businesses will receive $2,000.
Eligible employing businesses will receive one of three payments:
- $2,800 if your annual payroll is less than $650,000.
- $5,600 if your annual payroll is between $650,000 and $3 million.
- $8,400 if your annual payroll is between $3 million and $10 million.
Funds will be available until midnight on 9 November or until they are exhausted. There is $196.6 million available.
Your business can only receive one payment under the Round Four program.
What are the eligibility requirements?
To be eligible for the payment, your construction business must meet all of the following criteria:
- registered to operate in Melbourne, Geelong or the Mitchell or Surf Coast shires at the time the shutdown was announced.
- held an ABN number and registered for GST on 24 September 2021.
- an annual payroll less than $10 million.
- incurred costs due to the shutdown that were not recovered (such as wages).
- could not operate remotely.
- did not receive a Business Costs Assistance Program Round Two, Round Two July extension or Small Business COVID Hardship Fund payment.
- supported your workers to access any paid leave entitlements if you are an employing construction business.
How do you apply?
If you meet the eligibility criteria, you can apply online now via the Department of Jobs, Precincts and Regions website.
You will need to provide:
- the ABN number for your business.
- your WorkCover Employer Number (WEN) if your construction business employs people.
- your WorkSafe Construction Induction Training Card (white card) if you have a non-employing construction business.
- a proof of identity document (such as a driver’s licence, Medicare card or Australian passport).
- other relevant information about your business to enable your eligible payment amount to be determined.
Once you have submitted your application, you can check its status online. You can help to avoid any processing delays by ensuring that you complete accurate and up-to-date information along with any requested supporting documents.
How we can help
Our experienced team of accountants and business advisors at Wilson Pateras in Richmond can help your construction business to get through these challenging times.
We can also help you with any accounting or tax services your business needs.
Contact us today to find out more. We would be happy to set up an appointment to answer any questions you may have. You don’t have to go it alone.