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Insights

April 02, 2020

State-Based Stimulus Package Initiatives | Victoria

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Alf Couceiro
State-Based Stimulus Package Initiatives | Victoria

In addition to the nationwide stimulus, states and territories have also created local business relief packages.  From payroll tax to rent relief and business support, State Government initiatives for Victoria are outlined below. (Please click on the links in each section for more information.)

Payroll Tax Refunds

A payroll tax refund is available for the full amount paid during FY2020, for SMEs with a payroll of less than $3m.

Payroll Tax Deferral

SMEs will be able to defer payroll tax payments due for the first three months of FY2021, until 1 January 2021.

Rent Relief and Land Tax Deferral

Eligible SMEs who are commercial tenants in government buildings are eligible for rent relief and deferral of land tax payments during 2020.

Business Support Fund

For severely affected sectors, $500m has been committed to establishing a fund for support. Industries include hospitality, tourism, accommodation, arts and retail industries.

More information on VIC initiatives can be found here:

Victorian Government: Media Release

Want to know more?

With the equity markets and Government support packages frequently changing, we are continually updating and creating new tools and information for you. To review the latest materials on COVID-19, please click here. This page will be regularly updated, so please check back in from time to time.

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Supporting you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 book a catch up with a Modoras professional.

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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