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Further Victorian Small Business Support
Previously the Victorian Government announced a $500 million Business Support Fund. The first round was dedicated to small businesses that were severely affected by the ‘Stay at Home Directions’ order under the Department of Health and Human Services Victoria.
More than $150 million has been paid to prioritised sectors such as retail, tourism, hospitality, accommodation and arts.
The criteria has now been expanded to businesses participating in the Commonwealth JobKeeper scheme, regardless of the sector they operate. The only exclusions relate to sole-traders.
Under the expanded rules small businesses are eligible if they:
employ staff; and
have a turnover of more than $75,000; and
have payroll of less than $650,000; and
hold an Australian Business Number (ABN) and held that ABN at 16 March 2020; and
has been actively engaged in carrying on a business in Victoria on 16 March 2020.
Businesses who have previously been declined for Business Support Fund will be contacted by the department and do not have to submit a new application.
Businesses that have not previously applied for a grant due to their sector classification can now apply over the coming days.
If you require assistance in the application submission please do not hesitate to contact our office 03 9629 1433.
We recently published the article ‘Victorian Business Support Fund’ which addresses the Victorian State Government’s establishment of a $1.7 billion Economic Survival Package; the Victorian Business Support Fund.
Previously, we had advised clients of the Payroll Tax relief offered by the State Revenue Office, but we have summarised additional relief that Victorian taxpayers can also access.
Our article focus on the following:
Evidence & compliance
The application process
Land tax deferral
For further information on the Victorian Business Support Fund, click here