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$3B Victorian Business Support Fund Announced

Published by:
Alf Couceiro
Published on:
September 15, 2020
$3B Victorian Business Support Fund Announced

The third round of business support fund grants officially opens for applications on Friday, 18 September 2020 on the Business Victoria website.

Who is eligible?

To be eligible for the grants, applicants must fulfil the following criteria:

  • Operate a business within Victoria
  • Participate in the Commonwealth Governments JobKeeper payment scheme
  • Employ and be registered with WorkSafe
  • Have a payroll of less than $10 million in 2019-20
  • Be registered for Goods and Services Tax (GST)
  • Be registered with the responsible Federal or State regulator

Further eligibility criteria will be released once applications open.

What support is available?

Eligible business will receive one of three payment tiers:

  • $10,000 if the annual payroll is less than $650,000
  • $15,000 if the annual payroll is between $650,000 and $3 million
  • $20,000 if the payroll is between $3 million $10 million

Licensed venue specific support

$251 million of the $3 billion Business Support Fund will be dedicated to licensed venues such as bars, restaurants, pubs, clubs and reception centers. The Victorian Government will deliver grants between $10,000 and $30,000 for licensed venues in a variety of shapes and sizes.

Payroll tax deferred for the 2020-21 financial year

Business with payrolls of up to $10 million will have payroll tax deferred for the entire 2020-21 financial year.

$137 million in tax relief packages will include waiving and deferring charges like liquor licensing fees and the congestion levy.

The 50 per cent stamp duty discount for commercial and industrial properties will be brought forward to 2021 and Residential Land Tax will be waived for vacant properties in 2020.

Grants of up to $20,000, to help members adapt when the state reaches COVID normal, will be given through partnerships with local business groups and chambers of commerce.

How can we help?

We are committed to making sure you’re making the most of Government stimulus measures. Contact us on 1300 888 803 or click here to book a catch up with a Modoras Professional.

As Government stimulus measures change, we are continually updating and creating new tools and information for you. To review the latest materials on COVID-19, please click here.

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IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (VIC) Pty Ltd ACN 145 368 850. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (VIC) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (VIC) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (VIC) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (VIC) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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