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, cashflow support and tax relief providing additional financial support to businesses impacted by restrictions in Victoria.
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. This includes:
- $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.
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.
- $41 million savings for businesses from a 50 per cent cut in stamp duty for commercial and industrial properties in regional Victoria;
- The establishment of a $251 million Licensed Venue Fund with grants of between $10,000 and $30,000;
- A further $137 million in tax relief on top of an existing $1.5 billion program of tax relief;
- $20 million for small businesses to help them access digital programs such as Shopify, training and workshops to adapt their businesses to online operations;
- $15.7 million for an export recovery package to address logistics and supply chain issues caused by the pandemic, and establish new export channels;
- $27 million worth of savings for businesses from the waiving of liquor license fees;
- Grants of up to $20,000 to businesses in alpine resorts.
If you need help with getting the tax relief, Give us a call to our Business Advisors.