The Victorian Government is providing a further $3 billion to support businesses impacted by COVID-19 restrictions.
• The third round of the Business Support Fund provides grants of $10,000, $15,000 or $20,000 to eligible businesses depending on payroll size. To be eligible your business must operate in an industry sector contained on the list of eligible industry sectors found here. Prior to submitting an application businesses need to ensure that their details at the Australian Business Register website are correct and are within the eligible industry sectors. Businesses which are not in one of the listed industry sectors may be able to access other support programs.
Businesses that have received a grant from the Licensed Hospitality Venue Fund (see below) are not eligible to receive a grant from the Business Support Fund.
Applications close on 23 November 2020.
• The Sole Trader Support Fund provides grants of up to $3,000 to eligible sole traders in sectors such as retail, accommodation and food services, creative and media, hairdressing, gyms, events, education and training who operate from a commercial premises or location as a tenant.
• The Licensed Hospitality Venue Fund provides grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location, plus liquor license fees waived until 2021.
Eligible businesses will receive grant amounts as per the table below.
|Patron capacity||Eligible Grant Amount||Eligible Grant Amount|
|Metropolitan Melbourne||Regional Victoria|
|101 or more||$30,000||$25,000|
A full list of the eligibility criteria for a grant will be published when applications open.
• Alpine businesses: Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.
• Business Chambers and Trader Groups: A competitive grants program to support local business groups and chambers of commerce in helping their members adapt to COVID Normal.
Tax Waivers and Deferrals
The Government is providing:
• Payroll tax deferral for businesses with payrolls up to $10 million for the full 2020-21 financial year
• A 50% stamp duty discount for commercial and industrial property for all of Regional Victoria
• $33 million to defer the planned increase in the landfill levy for six months
• 25% waiver of the Congestion Levy this year, with the balance deferred
• Waivers of liquor license fees for 2021
• Waiver of the Vacant Residential Land Tax for vacancies in 2020.
The package also provides additional funding, tools and resources to help businesses adapt and prepare for reopening under ‘COVID Normal’ settings.
• Melbourne City Recovery Fund – Support for the CBD to reopen to ‘COVID normal’ in the lead up to Christmas and during summer. It includes grants for small and medium businesses to pay for equipment, convert spaces (e.g., rooftops, courtyards) into hospitality zones, and remodel internal layouts for a better flow of patrons.
• Outdoor Eating and Entertainment Package – Funding to support hospitality businesses and councils prepare for ‘COVID Normal’ reopening across Victoria. It includes grants of up to $5,000 for hospitality businesses (e.g., pubs, clubs, restaurants and cafes) with an annual payroll of less than $3 million to help adapt to outdoor dining.
• Voucher program to assist sole traders and small businesses in building their digital capability through off-the-shelf digital programs such as Shopify or Square online to help adapt to online operations.
• An assistance package may be available for Victorian exporters to get their products to market by addressing logistics and supply chain issues caused by the pandemic.
• Grants of up to $500,000 per metropolitan and regional council, and $250,000 for rural councils.
To find out more information, visit our COVID-19 News Centre by clicking here.
Associate - West Carr & Harvey
With over 10 years’ experience in accounting, including providing tax and business services to small to medium businesses and individuals, I offer my clients proactive communication and proven outcomes. This includes business structure advice, tax compliance, management and business growth.
My key areas of expertise include:
• Business and individual tax advice and compliance
• Structuring for tax effectiveness and asset protection
• Capital Gains Tax (CGT) including Small Business CGT concessions
• Goods and Services Tax (GST) and other indirect taxes
My approach to clients is to provide opportunities, rather than just solutions. I am passionate about Geelong and I enjoy partnering with businesses in the region to assist them to achieve their goals.
I am a Chartered Accountant (CA), with a Diploma in Financial Planning and a Bachelor’s Degree in Business (accounting).