Coronavirus VIC Stimulus Package 2020

Camphin Boston | March 2020

The Victorian Government has now established a $1.7 billion economic survival package to support Victorian businesses and workers during the COVID-19 pandemic.

BUSINESS /HOUSEHOLD SUPPORT GOVERNMENT FUNDING TAX/CUTS
  • Establishing a Business Support Fund to provide grants of $10,000 per eligible small business (with payroll of less than $650,000 and turnover of more than $75,000), and assist those in the hardest hit sectors including hospitality, tourism, accommodation, arts / entertainment and retail (who may be ineligible for payroll tax reliefs due to their size).
$500 million
  • Payroll tax waiver for businesses with Victorian annual taxable wages up to $3 million for the 2019-20 financial year, with obligation to continue to lodge payroll tax returns.
  • Payroll tax deferral for these businesses in the first quarter of 2020-21 financial year.
 
  • Land tax deferral for land owners who have at least 1 non-residential property and total taxable landholdings below $1 million for the 2020 land tax year until 1 January 2021.
 
  • Liquor licence fees waiver for the 200 year.
 
  • Establishing a Working for Victoria Fund to partner with Sidekicker to create an online platform for connecting employers with displaced workers who can then apply for different types of work.
$500 million

On 18 March 2020, the Melbourne City Council passed the following measures worth $10 million to keep businesses and their employees afloat:

BUSINESS SUPPORT

MELBOURNE CITY COUNCIL FUNDING              / TAX CUTS

  • Grants for small businesses to develop     e-commerce and online services.
$500k
  • Training and support at businesses.
$1 million 
  • Suspending fees for Food Act registrations, street trading and outdoor dining permits for 3 months,
Balance
  • Halving rent for eligible tenants in council-owned buildings for 3 months.
 
  • Establishing a support service to provide advice to struggling businesses.
 
  • Deploying casual and part-time cleaners
 

 
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