COVID-19 Economic Support – Victoria

Premier Daniel Andrews and Treasurer Tim Pallas announced a $1.7 billion economic survival and jobs package, which has been developed following discussions at National Cabinet and complements the work of the Federal Government. 

As part of the package, the 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.  Payments will start flowing next week and will save eligible business up to $113,975 a year, with businesses saving an average of $23,000. 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.

Commercial tenants in government buildings can apply for rent relief.  A move private landlords are also being encouraged to undertake.  Also 2020 land tax payments will be deferred for eligible small businesses.

The Government will pay all outstanding supplier invoices within five business days. The private sector is urged to do the same where possible. The Government will also support the hospitality sector by waiving liquor licensing fees for 2020 for affected venues and small businesses.

The Government will also 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.

The 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 – providing vital contributions to our state’s response to the pandemic and affording those Victorians security when its needed most.  The Government will also facilitate job matching to help Victorians find short-term or casual roles.

If you would like to discuss your situation further, please speak to your accountant via the details below or email enquiry@primefinancial.com.au

Matt Murphy – mattm@primefinancial.com.au
Brendan Brown – brendanb@primefinancial.com.au
Simone Quin – simoneq@primefinancial.com.au
Paul Minieri – paulm@primefinancial.com.au
Jade Nicholls – jaden@primefinancial.com.au
Stuart Thomson – stuartt@primefinancial.com.au

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