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
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
