New $3 billion support package for business
September 14th, 2020
One week after extending coronavirus restrictions across the state, the Victorian Government has announced a new support package for businesses, which includes cash grants, tax relief and cashflow support.
The $3 billion Business Survival and Adaptation Package is designed to help businesses survive the continued lockdown and prepare for reopening under ‘COVID-normal’ conditions when restrictions ease.
So, what’s included?
- third round of the Business Support Fund, providing up to $20,000 for small and medium-sized businesses
- grants of up to $30,000 for licensed hospitality businesses, including pubs, hotels and restaurants
- grants program totalling $3 million to support business chambers and trader groups
- grants up to $20,000 for alpine businesses.
- $20 million voucher program for small businesses/sole traders to build digital capability
- $15.7 million recovery package for Victorian exporters
- expanded funding for ‘Click for Vic’ campaign, which encourages support of local businesses.
TAX AND CASHFLOW SUPPORT
- payroll tax deferred for 2020/21 financial year (for businesses with payrolls up to $10 million)
- tax relief for a range of charges, including liquor licensing fees and the congestion levy
- 50% stamp duty discount brought forward for commercial and industrial properties and Residential Land Tax waived for vacant properties in 2020.
Payment of Business Support Fund Grants depends on annual payroll and eligibility. Applications will open soon. Check the Business Victoria website regularly for updates.
For more information on these support measures, refer to:
- Business Victoria webpage: Business Survival and Adaptation Package
- Premier’s press release: Supporting Victorian Businesses On Our Road To COVID Normal
We will also regularly update our coronavirus support page for employers, and we encourage you to contact our Employer Services Team if you have queries about super matters or need information on how we can support your workplace during this difficult period.