Victorian Government Stimulus Package
Payroll Tax Refund
The Victorian Government announced that businesses with a payroll of less than $3 million will receive full payroll tax refunds for the 2019/20 financial year. These businesses will also not have to pay any payroll tax for the rest of the financial year and will be allowed to defer any payroll tax for the first three months of the 2020/21 financial year.
Business Support Fund
As part of the package, the state government will also provide $500 million to establish a Business Support Fund, aimed at supporting the hardest-hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
Businesses are eligible to apply for a grant through the Business Support Fund if they meet the following criteria:
Have been subject to closure or highly impacted by Non-Essential Activity Directions issued by the Deputy Chief Health Officer to-date; and
Employ people; 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 (when the State of Emergency was declared); and
Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020.
Applications can be made via the 'Apply now' button at the following link:
Land tax deferral
Land owners 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.
For more information, email mail@nationaltaxation.com.au
Disclaimer
The information presented is general in nature and not to be used, relied or acted upon without seeking professional advice to ensure that the information appropriate for your individual circumstances. National Taxation accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. www.nationaltaxation.com.au. ABN 63 665 545 130
