The Victorian State Government Economic Survival Package includes the following;
1.) PAYROLL TAX REFUND
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. Payments will start flowing next week and this assistance is a refund, not a loan. The small businesses will also be able to defer any payroll tax for the first three months of 2020-21 financial year until 1 January 2021. Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year. The State Revenue office will directly contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year. More information about the administration of these relief measures will be sent directly to eligible businesses.
2.) 2020 LAND TAX PAYMENTS DEFERRAL FOR ELIGIBLE SMALL BUSINESSES
Landowners due to pay 2020 land tax that have at least one non-residential property and total taxable landholdings below $1 million have the option of deferring their 2020 land tax payment until after 31 December 2020. The State Revenue Office will contact all taxpayers who are eligible for this deferral.
3.) BUSINESS SUPPORT FUND
$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.
4.) WORKING FOR VICTORIA FUND
$500 million Working for Victoria Fund will help workers who have lost their jobs find new opportunities, including work cleaning public infrastructure or delivering food. The Government will also facilitate job matching to help Victorians find short-term or casual roles.
We will continue to keep you up to date with more information as we receive it. If you have any questions regarding the Victorian State Government Economic Survival Package please contact our office.