Business Survival and Adaptation Package

On 13 September, the Victorian government announced the Business Survival and Adaptation Package. This package includes grants, tax relief and cashflow support to help businesses survive COVID-19 and adapt to a new normal.

Grants

$822 million in cash grants to support small and medium sized businesses, including:

Business Survival Business Adaptation
  • A third round of the business support fund. Businesses with payrolls up to $10 million may be eligible to receive grants of $10,000, $15,000 or $20,000, dependant on their size.
  • Licensed Venue Fund, with grants of between $10,000 and $30,000 for licensed venues. The amount received is based on venue capacity and location.
  • Alpine resort grants of up to $20,000 will be available.
  • A $20 million voucher program has announced to help small businesses build their online capability. This will help businesses access off-the-shelf digital programs such as Shopify or Squareonline, training and workshops.
  • A $15.7 million export recovery package has also been announced to help exporters get their products out to market.
  • Also announced were the outdoor eating and entertainment package and the Melbourne City Recovery fund.

Waivers & Deferrals:
  • Waiving liquor license fees for 2021.
  • Payroll tax deferrals for businesses with payrolls up to $10 million for the full 2020-21 financial year.
  • The 50%  stamp duty discount for commercial and industrial property across all regional Victoria will be brought forward to 1 January 2021
  • Vacant Residential Land Tax will be waived for properties that are vacant in 2020.
Where to from here?

Applications for the 3rd round of the business support fund grants open on Friday 18 September here

Keep an eye on the Business Victoria website for the most up to date information on all of the support measures outlined above.

Please contact us if you have any queries or require assistance from our accounting, insurance, legal or financial planning team.


Disclaimer

The information contained herein is of a general nature only and is not intended to be relied upon nor is it a substitute for appropriate professional advice. Whilst all care has been taken in the preparation of the material, it is not guaranteed to be accurate. Individual circumstances are different and as such require specific examination. Asparq cannot accept liability for any loss or damage of any kind arising out of the use of or reliance upon all or any part of this material. Additional information may be made available upon request.

Need Assistance?

Contact Asparq Today