The Victorian Government has established an economic survival package to support Victorian businesses and workers through the devastating impacts of the COVID-19 pandemic. The $1.7 billion Economic Survival Package complements the work of the Federal Government.
The package includes the following key programs.
Payroll Tax Refund
Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. This will support 24,000 businesses and up to 400,000 workers.
Liquor licence fees waived
Renewable liquor licence fees for 2020 will be waived. Businesses that have already paid will be reimbursed.
Business Support Fund
The $500 million Business Support Fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
Working for Victoria Fund
Under the $500 million Working for Victoria Fund, displaced workers will be eligible to apply for different types of work. This presents opportunities for paid work and an opportunity to contribute to Victoria’s ability to manage this event and support the community.
Land tax deferral
Landowners that have at least one nonresidential property and total taxable landholdings below $1 million have the option of deferring their 2020 land tax payment until after 31 December 2020.
Fast tracking outstanding supplier invoices
The Government will pay all outstanding supplier invoices within five business days – releasing up to $750 million into the economy earlier. The private sector is urged to do the same where possible.
Rent relief for commercial tenants in government buildings
The Government will work directly with commercial tenants in government buildings who can apply for rent relief. Private landlords are also being encouraged to provide rent relief or holidays to help businesses.
For more information, click on the link below.