The State Government has announced its $3 billion Business Survival and Adaptation Package.
The package provides new measures to further support Victorian businesses, particularly sole traders. The package has three main categories aimed at helping businesses prepare for ‘COVID normal business’:
- Business Survival;
- Business Adaptation; and
- Waivers and Deferrals
Eligible businesses will receive cash grants of between $10,000 and $30,000. Other forms of support include payroll tax deferral, waiving of liquor licence fees and stamp duty discounts for regional Victoria.
See the link below for a summary of the Business Survival and Adaptation Package. It also includes links for applying online for grants and application deadlines.
The following cash grants will be supported to keep Victorian business survive.
- 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 and participates in the JobKeeper Payment scheme. Grant applications open Friday 18 September 2020 and please see link below for further information.
- 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.
To help business to reopen and survive, the Victorian Government is providing the following programs to help business adapt the COVID Normal way they do activities.
- Voucher Program ($20 million): Assist sole traders and small businesses in building their digital capability.
- Victorian Exporters Package ($15.7 million): Help get their products to market and establish new trade channels.
- ‘Click for Vic’ Campaign ($8.5 million): Encourage more Victorians to support local businesses.
Waivers and deferrals
The following $1.8 billion support in tax and cashflow has also been announced.
- Payroll Tax Deferrals ($1.7 billion): For the full 2020-21 financial year for businesses with payroll up to $10 million.
- 50% Stamp Duty Discount ($41 million): Bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria.
- Landfill Levy ($33 million): Defer the planned increase in the Landfill levy for six months.
- Congestion Levy ($30 million): Waive 25% this year, with the outstanding balance deferred.
- Liquor License ($27 million): Waive for 2021.
- Vacant Residential Land Tax ($6 million): Waive for vacancies in 2020.
We will provide additional details about support when available.
Please also see link below to previous Victorian Government incentive announcements: https://hlb.com.au/victorian-government-business-support-package/
If you need any help on these incentive packages or how HLB Mann Judd can assist help you plan the cashflow for your business, please do not hesitate to reach out and contact us.