If you are the owner of a small business in the Victoria state – you can find information below on available financial support.
Overview
The Victorian government announced a Business Support Fund worth $500 million to help small businesses survive the economic effects of the coronavirus.
How much am I entitled to?
A grant of up to $10,000 per business will be available.
Am I eligible?
To be eligible for the grant, you must meet the following criteria:
You Employ staff
You have a turnover greater than $75,000
You have a payroll of no more than $650, 000
You held an Australian Business Number (ABN) which was valid at March 16th, 2020(The date the state of emergency was declared)
You were engaged in carrying out operation of the business in the Victoria state on March 16th, 2020.
Have been subject to closure or is highly impacted by Non-Essential Activity Directions issued by the Deputy Chief Health Officer to-date. For more information on affected sectors refer to https://www.dhhs.vic.gov.au/sites/default/files/documents/202003/Non-Essential-Activity-Directions-No-2.pdf
If your business is not employing people, you can still potentially receive support through the Commonwealth Governments Job Seeker payment program.
How can I make use of these funds?
Here are some examples of what you can use fund on:
Covering business costs such as utilities, rent and salaries
Financial, legal or other advice to help with business continuity planning
To develop the business in terms of marketing and communication activities
Other activities that help to support the operation of the business.
Proof of eligibility and compliance
You must confirm in writing that you meet the above eligibility criteria
You will be subject to an audit by the Victorian Government or its representatives. This involves providing evidence in financial reports to demonstrate the impact of the fund. You will be required to do this for 4 years after the grant has been approved.
Any false information found in the application or not applying the grant for the stated purposes will result in the grant becoming repayable by demand.
How do I apply?
If you are interested in receiving the grant – you can submit an application online via:
You must provide a copy of your most recent Business Activity Statement (BAS) along with any other supporting material.
Further Information
Applications will be available from March 30th, 2020 and close on June 1st, 2020.
Not-for-profit organisations can also apply for the grant, provided they meet the eligibility criteria.
The Victorian Governments package compliments the economic response of the Commonwealth Government.
The package also provides:
Full payroll tax refunds and waivers for the 2019/20 financial year to any business with a payroll of below $3 million.
Removal of liquor licensing fees for 2020.
Land tax deferral for any landowner that has one or more non-residential properties and total taxable landholdings of below $1 million.
Commercial tenants in government buildings will receive rent holiday for the remainder of 2020.
You can see our other blog posts regarding COVID-19 here, but for the most up to date information, please regularly check back to the Australian Taxation Office’s COVID-19 page.
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