What the Victorian Government is offering to help businesses through COVID-19

Posted on 26/03/2020 by Sean Delaney in COVID-19
Sean Delaney
Sean Delaney is an Accounting and Taxation Principal based the Sinclair Wilson Warrnambool office. He visits our Colac office every Wednesday. Sean specialises in providing his clients with Succession and...

In addition to Federal Government packages to support businesses and individuals through the COVID-19 crisis, the Victorian Government this week announced an Economic Survival and Jobs package.

While there is still some detail to come about elements of this package, there are some elements that have already been explained. These include:

A PAYROLL TAX REFUND AND DEFERRAL

Small and medium-sized businesses with total payroll of less than $3 million will be refunded payroll tax for the 2019-20 financial year. This is not a loan, but a refund of what’s already been paid.

The SRO has advised on their website FAQs that the $3 million threshold will apply per business not at a group level.  This would indicate that payroll tax groups with individual businesses under the threshold may still be able to avail of some relief.

Businesses will still need to lodge returns, but they do not need to make a payment for this financial year.

Payroll tax for the first three months of the 2020/21 Financial year will also be deferred – this will be until 1 January 2021.

How do I apply?

You don’t need to do anything. The State Revenue Office will contact businesses directly about this.

When will I see the refund?

Refunds will start to be made from 27 March and will be made as soon as possible.

LIQUOR LICENSING RELIEF

Venues and small businesses impacted by the COVID-19 Government-forced shutdown will now have their liquor licensing fees waived for 2020.

How do I apply?

Contact the Victorian Commission for Gambling and Liquor Regulation or visit vcglr.vic.gov.au. You could also contact your local State MP to see what extra information they have.

When will I see this occur?

Contact the VCGLR for more information about this.

BUSINESS SUPPORT FUND

The State Government has announced a $500 million Business Support Fund to help small to medium businesses impacted by the COVID-19 outbreak.

Details on this are still coming, but it’s been flagged as being of particular benefit for businesses in the

  • Hospitality
  • Tourism
  • Accommodation
  • Arts and entertainment, and
  • Retail sectors.

The Victorian Government will work with the Victorian Chamber, Australian Hotels Association and Ai Group to administer the fund to help businesses survive and keep people in work.

How do I apply?

These details aren’t available yet. All business owners can do is register interest to receive more details as they are released. You could also contact your local State MP to see what extra information they have.

WORKING FOR VICTORIA FUND

Victorian workers who have lost their jobs will be able to apply for different work opportunities arising from the COVID-19 crisis.

The $500 million Working for Victoria Fund will help displaced workers apply for paid work, and skills development to facilitate employment prospects.

The plan is the work will be in roles across the public and Not for Profit sectors, and some parts of the private sector..

How do I apply?

Register your interest to receive more details as they become available. You could also contact your local State MP to see what extra information they have.

MORE QUESTIONS

If you have more questions about how your business can make the most of the Government packages being announced, please contact Sinclair Wilson’s Business Advisors. We are here to help businesses find their way through the COVID-19 crisis.