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.
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
The headlines say negative gearing is "gone." For most investors, that is not what the new law does.
From 1 July 2027, the 50% CGT discount will be replaced — for individuals, trusts and partnerships — by two mechanisms working together: indexation of the asset's cost base, and a minimum 30% tax on the resulting net gain.
