Sunday 13 September 2020, the Victorian Government has announced a new
support package of $3 billion, in “cash grants, tax relief and cashflow
support delivered to Victorian Businesses.”
Read the Victorian Government Announcement here.
While there are almost no details on the support package for Businesses as yet, we wanted to put together what we know so far:
Cash grants for SMEs “most affected by coronavirus restrictions”
There is a third round of Business Support Fund Grants of $10,000, $15,000 or $20,000 to businesses with payrolls of up to $10 million (the amount you receive depends on your annual payroll). No details are available as yet and it is unclear what the eligibility criteria will be to meet the description of “most affected by coronavirus restrictions”.
See Third Round of Business Support Fund Grants which is an overview, with more detail to follow when applications open.
Creation of a Licenced Venue Fund
Grants of between $10,000 and $30,000 for licenced venues. And, liquor license fees for 2021 will be waived. Once again, the details on these initiatives are unclear.
Support for Alpine resorts
Grants of up to $20,000 to help businesses cover their resort fees.
Payroll tax will be deferred (not waived) for businesses with payrolls up to $10 million for the full 2020-21 financial year. Originally the deferral applied to the first half of 2020-21.
Businesses with payrolls of $10m or over can defer payroll tax for the first quarter of 2020-21 under previously announced initiatives.
Fees and charges
The 50% stamp duty discount for commercial and industrial property across all of regional Victoria brought forward to 1 January 2021 and the Vacant Residential Land Tax waived for properties that are vacant in 2020.