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Help for Victorian Businesses with Stimulus Packages Announced

Written by Gabrielle Bow . August 07, 2020
3 min read

While Melbourne’s tighter restrictions will hopefully start to see the rate of COVID-19 cases decrease, there are growing fears for what collateral damage these restrictions will cause for Victorian businesses.

If you’re a business owner in Victoria, make sure you are up-to-date with the financial support available from both the Australian and Victorian government. Below is a summary of the support options.

Victorian Government-Funded Support

Business Support Fund

One-off grants will be made available to eligible Victorian businesses under the Business Support Fund – Expansion program:

  • $10,000 for employing businesses in the metropolitan Melbourne and Mitchell Shire in recognition of spending longer under restrictions
  • $5,000 for employing businesses in regional local government areas (except Mitchell Shire)

If your business has already received a Business Support Fund-expansion grant, or have applied for one, you will not need to re-apply. Successful applicants will automatically receive this additional allocation.

For more information on eligibility requirements and how to apply, read the details.

Payroll Tax Waived

Businesses with annual Victorian taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. Furthermore, eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020-21 financial year.

Commercial Tenancy Relief Scheme

In April, the Victorian Government announced a commercial tenancy relief scheme to alleviate financial hardship by tenants and landlords. The scheme provides a six-month moratorium on commercial tenancy evictions from 29 March 2020 for the non-payment of rent, a freeze on rent increases and a rental payment waiver or deferral.

For more information on eligibility requirements and guidance on leases, read the details.

Additional Support

The Victorian Government has also announced a Night-time Economy Support Program and a CBD Business Support Fund. At this time, there is no further information, however businesses are being asked to register their interest via the Government’s forms on these sites.

Australian Government-Funded Support

JobKeeper

A Federal Government initiative which has been extended to March 2021 to support businesses employing staff. For more information on JobKeeper 2.0, start with Adam Birrer’s article JobKeeper 2.0 – Changes to Eligibility.

Additional Cashflow Boost Payment

Businesses who received the Cashflow Boost credits after lodging their March and June quarter BAS’ will receive the additional Cash Flow Boost payments once the June and September quarter BAS’ are lodged. This will reduce the burden of funding the PAYG withholding payments required to be made to the ATO. For more information on the Cashflow boost support, read Sarah Pogson’s article Cash Flow Boost for Business – PAYG Withholding.

COVID-19 Business Updates

If you would like to discuss any of the above support options available, our team is here to assist you so please don’t hesitate to talk with us.

Written by Gabrielle Bow . August 07, 2020
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