The Victorian Government has announced a $1.7 billion Economic Survival and Jobs Package, this includes the following initiatives:
Payroll tax refunds
The Victorian Government will provide full payroll tax refunds for the 2019-20 financial year to small and medium-sized businesses with payroll of less than $3 million – giving $550 million back to businesses who need it.
Payments will start flowing from 23 March and will save eligible businesses up to $113,975 a year. This assistance is a refund, not a loan.
The same businesses will also be able to defer any payroll tax for the first three months of the 2020/21 financial year until 1 January 2021 in an effort to free up cash flow.
Business Support Fund
The Victorian Government will provide $500 million to establish a Business Support Fund. The fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
The Government will work with the Victorian Chamber, Australian Hotels Association and Ai Group to administer the fund, which will help these businesses – which may not be eligible for payroll tax refunds due to their size – survive and keep people in work.
Liquor licensing fees waiver
The Victorian Government will waive liquor licensing fees for affected venues and small businesses in the hospitality sector for 2020.
Working for Victoria Fund
The Victorian Government will establish a $500 million Working for Victoria Fund in consultation with the Victorian Council of Social Services and Victorian Trades Hall Council.
The fund will help workers who have lost their jobs find new opportunities, including work cleaning public infrastructure or delivering food and support packages.
The government will also facilitate job matching to help Victorians find short-term or casual roles.
Rent relief and land tax deferral
Commercial tenants in government buildings can apply for rent relief – a move private landlords are also being encouraged to undertake – and 2020 land tax payments will be deferred for eligible small businesses.
Business Victoria - COVID-19 Hotline
Businesses across the state dealing with the significant challenges posed by the COVID-19 outbreak can access the latest information on dealing with COVID-19 by calling the Business Victoria hotline on 13 22 15.
Further information can also be found here