The Victorian State Government has announced a support package for businesses to provide assistance as the state moves through the various steps outlined in the roadmap to reopening.
Full details and eligibility criteria for the package are yet to be revealed, however some of the relevant details for Dealers are:
- In total the package is valued at $3 billion, available to businesses the worst affected by the current COVID restrictions, delivered through cash grants, tax relief and cashflow support.
- Under the third round of the Businesses Support Fund, businesses with payrolls up to $10 million may be eligible to receive grants of $10,000, $15,000 or $20,000, depending on their size.
- For the 2020-21 financial year, businesses with payrolls up to $10 million may receive a deferral of payroll tax.
Eligibility for the third round of the Support Fund is based on a set of criteria which includes businesses having a payroll of less than $10 million in 2019-20 and operating in sectors that are closed, restricted or heavily restricted.
There are also waivers and deferrals available to assist cashflow and provide tax relief. Those relevant to Dealers include $1.7 billion in payroll tax deferrals for the full 2020-21 financial year and $41 million to bring forward the 50 per cent stamp duty discount for commercial and industrial property for all of regional Victoria.
Further details of the package are available on the Business Victoria website.
The AADA will keep you informed as further developments occur and more information is available.