The Victorian Government has announced a new support package worth more than $3 billion to support businesses impacted by ongoing restrictions and keep Victorians in jobs. It includes cash grants, tax relief and support targeting businesses and sole traders.
- For 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. Grant applications open on Friday 18 September 2020.
- For 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.
- For business chambers and trader groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups.
- For alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.
- For sole traders ($100 million): Grants of up to $3,000 to more than 30,000 eligible sole traders who operate from a commercial premises or location to which the sole operator is the tenant or licensee.
Extra funding, tools and resources to help businesses adapt and prepare for COVID Normal
- A landmark $100 million fund to reshape Melbourne’s CBD in partnership with the City of Melbourne, providing grants to city businesses, helping them to move outdoors with COVIDSafe events and rebuild Melbourne’s vibrant CBD.
- An Outdoor Eating and Entertainment Package worth $87.5 million to support hospitality businesses prepare for COVID Normal reopening across Victoria, including:
- $58 million towards grants of up to $5,000 to help hospitality businesses pay for the practical things that will make this plan work.
- $29.5 million to help local councils implement streamlined permits, enforcement and monitoring processes to support expanded outdoor dining in the Third Step of the roadmap for reopening.
- A $20 million voucher program to assist sole traders and small businesses in building their digital capability.
- A $15.7 million package to help Victorian exporters get their products to market and establish new trade channels.
- An $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses.
More information about the above programs will be published on the Business Victoria website as it is available and I encourage you and your members to subscribe to the Business Victoria Update newsletter to receive notifications about these programs, such as when applications open, as the information is released.
Tax relief and fee waivers and deferrals
- $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 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, 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.
More information about the above initiatives is available on the State Revenue Office website.
Business owners seeking guidance on managing the impacts of coronavirus (COVID-19) can also visit the Business Victoria website business.vic.gov.au or call the Business Victoria hotline on 13 22 15.