The Victorian government has released its own economic survival package for Victorian business to deal with the impacts of COVID-19.
The package worth $1.7 Billion is designed to complement the initiatives announced by the federal government.
There are a number of initiatives that could prove helpful to Victoria’s self-employed. These include:
- Payroll tax refund. This will apply to approximately 24,000 business that has annual taxable wages up to $3 Million. These businesses will have their payroll tax for the 2019-20 financial year waived. Any eligible businesses that have already paid this will be contacted by the State Revenue Office to receive a reimbursement.
- Liquor licence fee waived. Renewable liquor licence fees for 2020 are being waived. If these have been paid, they will be reimbursed.
- Business Support Fund. The government has initiated a $500 business support fund for those industries hardest hit by COVID-19. For more information visit https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-fund
- Land Tax Deferral. Landowners that have at least one non-residential property and total taxable landholdings below have the option of deferring their 2020 land tax.
- Fast track the payment of supplier invoices. The government will pay all outstanding supplier invoices within five days.
- Rent relief for commercial tenants in government buildings. The government will deal directly with impacted tenants
For more information, please download the government’s Economic Survival Package Fact Sheet here
The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.
Any content on this website is general only and does not take into account your particular circumstances and needs. Before acting on any content you should assess or seek advice as to whether it is appropriate for you.