Further details released on the Victorian Government two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support."
3rd round is industry specific. This was NOT disclosed when the grants were announced. Please ensure you check your eligibility following the steps in Section 1 below:
Applications are open until 23rd November 2020 or until funds are exhausted whichever is earlier.
Payroll tax will be deferred (not waived) for businesses with payrolls up to $10 million for the full 2020-21 financial year. Originally the deferral applied to the first half of 2020-21. Businesses with payrolls of $10m or over can defer payroll tax for the first quarter of 2020-21 under previously announced initiatives.
FEES AND CHARGES
The 50% stamp duty discount for commercial and industrial property across all of regional Victoria brought forward to 1 January 2021 and the Vacant Residential Land Tax waived for properties that are vacant in 2020.
Grants of up to $20,000 for chambers of commerce to support members. Plus, funding for a return post COVID-19 including $44 million for business workshops to assist with digital transformation and investment in products such as Shopify and Squareonline. And, $8.5m in additional funding for the Click for Vic website promoting Victorian businesses.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change.
The idea of insuring against loss of income is one that has clear value. The idea of insuring against loss of income is one that has clear value. Yet many neglect to insure their most valuable asset. Income protection could be the answer – so how does it work?