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PKF Australia

Accountants and Business Advisers

Victorian Business Survival and Adaptation Package – $3 billion support announced on 13 September 2020

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Timothy Bow

Partner

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Victorian Business Survival and Adaptation Package – $3 billion support announced on 13 September 2020

The Victoria Government announced on 13 September 2020 an injection of $3 billion to assist businesses to survive the ongoing restrictions and prepare for COVID Normal business.

Grant applications open on Friday 18 September 2020.

The $3 billion funding will be invested as follows:

BUSINESS SURVIVAL
Small and Medium Sized Business ($822 million):
 The third round of the Business Support Fund will provide up to $20,000 for business with a payroll of up to $10 million (see below for further details).

Licensed Hospitality Business ($251 million): Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location.

Business Chambers and Trader Groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups.

Alpine Businesses ($4.3 million):  Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.

BUSINESS ADAPTION

The following funding seeks to provide resources and tools to assist Victorian businesses in preparation for reopening under COVID Normal settings:

  • $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.

WAIVERS AND DEFERRALS

The Victorian Government is also providing $1.8 billion in tax and cash flow support:

  • $1.7 billion in payroll tax deferrals 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.

THIRD ROUND OF BUSINESS SUPPORT FUND GRANTS

The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll.
To be eligible for a grant from this program, applicants must:

  • operate a business located within Victoria; and
  • participate in the Commonwealth Government’s JobKeeper Payment scheme; and
  • employ people and be registered with WorkSafe; and
  • have had an annual payroll of less than $10 million in 2019-20; and
  • be registered for Goods and Services Tax (GST); and
  • hold an Australian Business Number (ABN); and
  • be registered with the responsible Federal or State regulator.

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.
  • $20,000 if its payroll is between $3 million and $10 million.

A full list of the eligibility criteria for a grant will be published when applications open on Friday 18 September 2020.


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