Victorian State Government - Cash Grants, Tax Relief & Cash Flow Support
On Sunday 13th September 2020, the Victorian Government announced cash grants, tax relief and cash flow support to Victorian businesses that have been impacted by COVID-19 restrictions in Victoria.
CASH GRANTS
- Eligible businesses that employ will be entitled to receive a grant depending on the size of their payroll.
An eligible business will receive:
- $10,000 if its annual payroll is less than $650,000;
- $15,000 if its annual payroll is between $650,000 and $3 million; and
- $20,000 if its annual payroll is between $3 million and $10 million.
A fill list of the eligibility criteria for this grant will be published by the Victorian Government when applications open on Friday 18th September, 2020.
- Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres.
- Grants of up to $3,000 to eligible sole traders who operate from a commercial premises or location to which the sole trader is the tenant or licensee.
TAX RELIEF
- $1.7 billion to defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year
- $41 million to bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria
- $33 million to defer the planned increase in the landfill levy for six months
- $30 million to waive 25% of the Congestion Levy this year, with the outstanding balance deferred
- $27 million in liquor license fee waivers for 2021
- $6 million to waive Vacant Residential Land Tax for vacancies in 2020
CASH FLOW SUPPORT
- $20 million voucher program to assist sole traders and small businesses in building their digital capability
- $15.7 million package to help Victorian exporters get their products to market and establish new trade channels
- $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses
- $87.5 million Outdoor Eating and Entertainment Package to support hospitality businesses prepare for COVID Normal reopening across Victoria
- $100 million Melbourne City Recovery Fund between the Victorian Government and the City of Melbourne to support Melbourne on the roadmap for reopening to COVID Normal in the lead up to Christmas and during summer
Article posted Tuesday 15th September, 2020