Over 2 days, the Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support."
There are almost no details on the packages as yet – just the announcements. We will bring you more as soon as they are released. And, some
of the $3 billion appears to be in the form of deferrals (not waivers) and includes past initiatives.
Here is what we know so far:
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.
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