- The Victorian government has announced a $3 billion support package for business in the state.
- This includes grants between $10,000 and $20,000 and the deferrall of payroll taxes. The state government is also providing support to small businesses to help them adapt to digital platforms.
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The Victorian government has unveiled $3 billion worth of support for businesses in the state.
It includes more than $1.1 billion in cash grants for small and medium businesses impacted by COVID restrictions, including $822 million as part of the third round of its Business Support Fund.
Approximately 75,000 eligible businesses with payrolls up to $10 million will be able to get grants of $10,000, $15,000 or $20,000 depending on their size. It comes after 108,000 businesses already got a slice of $1.47 billion during the first two rounds of the Business Support Fund grants.
“For our state to recover, we need our businesses to recover too,” Victoria’s Premier Daniel Andrews said in a statement. “As we take our first safe and steady steps towards COVID Normal, this support will help make sure we get through this together.”
“We’ll continue meeting with and listening to businesses, so we can do everything we can to support them and their workers.”
The state government is creating a $251 million Licensed Venue Fund, which will provide grants between $10,000 and $30,000 for licensed venues across the hospitality industry – from restaurants and bars to pubs and hotels. It will also waive liquor license fees for 2021.
Alpine resorts will be offered grants of up to $20,000 to cover resort fees, with the state government also handing out up to $20,000 grants for local business groups and chambers of commerce so they can help out their members.
Victoria’s tax relief measures
On the tax relief front, businesses with payrolls of up to $10 million will get their payroll tax deferred for the full 2020-21 financial year.
The state government is also providing $137 million worth of waivers and deferrals of charges including liquor license fees, the congestion level and increases to the landfill levy. It will bring forward the 50% stamp duty discount to 1 January 2021 and waive the Vacant Residential Land Tax for properties that are vacant in 2020.
There will be $44 million invested into supporting small businesses operate during the new normal brought on by the pandemic. This includes $20 million for small businesses to access online services like Shopify or Squareonline, and for training to help them adapt to digital operations.
In August, the state government rolled out the ‘Click For Vic’ campaign designed to encourage residents to support local businesses. With this latest funding announcement, the government will ramp up the site with $8.5 million for marketing and advertising as well as growing its digital platform.
Support will also be handed out to the export sector, with a $15.7 million export recovery package provided to not only address the logistics and supply chain issues caused by the pandemic, but create new export channels as well.
The new business support comes as Victoria eased some of its coronavirus restrictions on September 13. In Melbourne, the curfew has moved to the new time of 9pm to 5am, while two hours of exercise is now permitted and one visitor is allowed for people in a single-person household.
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