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.
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
How a trust distribution resolution is worded directly impacts the tax liability. It is important not because it determines what is taxable but because it is the basis for determining where the tax liability falls.