Victorian Government announces $3B support fund

On 13 September 2020, the Victorian Government announced an expansive support fund aimed at helping Victorian businesses. The announcements include:

1. Round 3 of Business Support Fund

Round 3 of the business support fund grants will be available for those Victorian businesses that are enrolled in the JobKeeper program and have an annual payroll of less than $10M p.a. The grant available will consist of:

  • $10,000 for those businesses with payroll of less than $650,000
  • $15,000 for those businesses with payroll between $650,000 – $3M
  • $20,000 for those businesses with payroll between $3M – $10M

Applications for the round 3 business support fund grant are not yet open but will be able to be accessed via this link.

2. Grants for licenced venues

Grants will be made available of between $10,000 – $30,000 for licensed hospitality venues. Further details have yet to be released.

3. Deferral of payroll tax liabilities

For businesses with payroll of less than $10M, payroll tax liabilities will now be deferred for the current financial year to aide cash flow of the business.

Some of the other announcements made by the Premier include:

  • Grants to be made available of up to $20,000 for businesses operating in Victorian Alpine resorts.
  • Waivers and deferrals of liquor licencing fees, congestion levy fees and landfill levy.
  • The bring forward of rules to reduce stamp duty on the purchase of commercial and industrial properties located in regional Victoria to 1 January 2021.
  • The abolition of vacant residential land tax for the 2020 year.

If you have any further questions relating to the above, please do not hesitate to get in touch with us via your Banks Group representative, (03) 9810 0700 or info@banksgroup.com.au.

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