Victorian businesses will have access to a $3 billion support program as the Victorian Government announced a third round of the Business Support Fund Grants on Sunday 13 September 2020. The program includes cash grants, cash flow support and tax relief, providing additional financial support to businesses impacted by restrictions in Victoria. Here is a summary of the new $3 billion packages available.
Payroll Tax Deferred for Entire 2020-21 Financial Year
The $1.7 billion in payroll tax deferrals means that if you have payroll of up to $10 million you can defer payroll tax for the full 2020-21 financial year.
Grants up to $20,000 to Support Businesses through Restrictions.
The third round of the Business Support Fund will provide up to $20,000 for business with a payroll of up to $10 million.
Eligible businesses will receive
- $10,000 if its annual payroll is less than $650,000
- $15,000 if its annual payroll is between $650,000 and $3 million
- $20,000 if its payroll is between $3 million and $10 million.
To be eligible for a grant from this program, you must:
- operate a business located within Victoria; and
- participate in the Commonwealth Government’s JobKeeper Payment scheme; and
- employ people and be registered with WorkSafe; and
- have had an annual payroll of less than $10 million in 2019-20; and
- be registered for Goods and Services Tax (GST); and
- hold an Australian Business Number (ABN); and
- be registered with the responsible Federal or State regulator.
A full list of the eligibility criteria for a grant will be published when applications open.
How to apply
Applications will open soon. If you would like to be notified, please subscribe to the Business Victoria Update newsletter. Otherwise, keep an eye on the Business Victoria page for updates.
- Licensed Hospitality Business ($251 million): Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location.
- Business Chambers and Trader Groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups.
- Alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.
The package also provides additional funding, tools and resources to help businesses adapt and prepare for reopening under COVID normal settings.
- $20 million voucher program to assist sole traders and small businesses in building their digital capability
- $15.7 million package to help Victorian exporters get their products to market and establish new trade channels.
- $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses.
Waivers and deferrals
The Government is also providing $1.8 billion in tax and cashflow support.
- $1.7 billion in payroll tax deferrals for the full 2020-21 financial year
- $41 million to bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria.
- $33 million to defer the planned increase in the landfill levy for six months
- $30 million to waive 25% of the Congestion Levy this year, with the outstanding balance deferred.
- $27 million in liquor license fee waivers for 2021
- $6 million to waive Vacant Residential Land Tax for vacancies in 2020.
Reminder: Support Funds Closing Today
If you would like more information or assistance, please contact us on 8419 9800.