On Sunday 13 September 2020, the Victorian Government announced a new support package delivering $3 billion in "cash grants, tax relief and cashflow support delivered to Victorian businesses."

Grants

Cash grants for SMEs "most affected by coronavirus restrictions"

$822 million for a third round of Business Support Fund Grants of $10,000, $15,000 or $20,000 to businesses with payrolls of up to $10 million. An eligible business will receive:

$10,000 if its annual payroll is less than $650,000
$15,000 if its annual payroll is between $650,000 and $3 million
$20,000 if its payroll is between $3 million and $10 million

To be eligible, applicants must operate a business in Victoria, participate in JobKeeper, employ people registered with WorkSafe, have an annual payroll under $10 million in 2019-20, be registered for GST, and hold an ABN.

Payroll tax

Payroll tax will be deferred (not waived) for businesses with payrolls up to $10 million for the full 2020-21 financial year.

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.

It's important to talk to your accountant to make sure you get it right. Please call us on 03 9836 2900.