Third Round of Business Support Fund Grants

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$3bn+ Victorian Business Support Packages: What we know so far


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:

GRANTS:


PAYROLL TAX
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.


GENERAL
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.

MORE INFORMATION


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