The Victorian Premier has announced a new business stimulus package including $3billion in cash grants and tax relief
$1.1 billion in support of SME’s affected by coronavirus restrictions:
- Third round of Business Support fund grants which provides up to $20,000 for businesses with payroll under $10 million
- Grants of up to $30,000 for licenced venues based on location and venue capacity
- Business changers and trader group support
- Grants of up to $20,000 to help alpine business pay service charge to resort management boards
The amount of grants available from this program ranges depending on the business’s annual payroll ($10,000 for payroll up to $650,000, $15,000 between $650,000 and $3 million and $20,000 between $3mill and $10mill)
Basis Eligibility criteria is as follows with full details to be published when applications open on Friday 18th September.
- Operate a business within Victoria
- Participate in the JobKeeper payment scheme
- Employ people and be registered with WorkSafe
- Have had an annual payroll of less than $10 million in 2019–20 financial year
- Hold an ABN and be registered for GST
- Be registered with the responsible federal or state regulator
The business adaptation package also provides additional funding to help business reopen under normal settings.
- $20 million voucher program to assist sole traders and small businesses to build 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 business
Further waivers and deferrals which will support cash flow in business are as follows:
- $1.7 billion in payroll tax deferrals for 2021 financial year
- $41 million to bring forward the 50 per cent stamp duty discount for commercial and industrial property for regional Victoria
- $33 million to defer the planned increase in the landfill levy for six months
- $30 million to waive 25 per cent of the congestion levy this year
- $27 million in liquor licence fee waivers for 2021
- $6 million to waive vacant residential land tax for vacancies in 2020
An additional package supporting sole traders provides grants of $3,000 for up to 33,000 sole traders in accommodation and tourism as well as media and film production , creative studios, outdoor entertainment and gym owners across Victoria to help pay overheads and continue to operate once Federal support such as JobKeeper ceases.
To be eligible sole traders mush be a tenant or licencee in a commercial premises and have been affected by Second step of road-map.
Melbourne also has a city recovery fund which will help hospitality businesses buy items such as tables, umbrellas and plastic screens. configure to outdoor spaces, support Covid safe events and cultural activities in the CBD to bring visiots back and improvements to CBD streetscape such as finder footpaths and bike lanes etc which will support job growth int eh region.
In addition an outdoor hospitality support package for businesses outside Melbourne will pay grants up to $5,000 to buy umbrellas, furniture, screens and advertising, which will be available to both licenced and unlicened venues, restaurants, takeaway businesses etc with payroll under $3million.
