Business support package for Victoria
On Sunday 13 September 2020 the Victorian Government announced a $3 billion business support package comprising cash grants, tax relief and cashflow support.
Key points include:
- Over $1.1 billion in cash grants will support small and medium-sized businesses that are most affected by coronavirus restrictions including $822 million as part of the third round of the Business Support Fund.
- Around 75,000 eligible businesses with payrolls up to $10 million will receive grants of $10,000, $15,000 or $20,000 depending on their size.
- To support bars, restaurants, pubs, clubs, hotels and reception centres, the Government will establish a $251 million dedicated Licenced Venue Fund, with grants of between $10,000 and $30,000 for licenced venues of all shapes and sizes. The Government is also providing further relief by waiving liquor license fees for 2021.
- The Government will also partner with local business groups and chambers of commerce, with grants of up to $20,000.
- The Government will defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year.
- The Government will also provide a further $137 million in waivers and deferrals of charges including liquor licence fees, the congestion levy and increases to the landfill levy. The 50% stamp duty discount for commercial and industrial property across all of regional Victoria will be brought forward to 1 January 2021 and the Vacant Residential Land Tax will be waived for properties that are vacant in 2020.
- The Government will invest $44 million to equip businesses with the support they need to adapt to COVID Normal. It includes $20 million for small businesses to access off-the-shelf digital programs such as Shopify or Square Online, training and workshops designed to help businesses adapt to online operations.
For more information go to: http://www.business.vic.gov.au