VICTORIA-ECONOMIC SURVIVAL PACKAGE TO SUPPORT BUSINESSES AND JOBS
23 June 2020
The $250 million Victorian Business Growth Fund (VBGF) is now open to support long‑term growth opportunities for businesses and boost employment and economic development across the State. https://www.dtf.vic.gov.au/funds-programs-and-policies/victorian-business-growth-fund
27 March 2020
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.
The State Revenue Office will directly contact eligible businesses to reimburse them for payroll tax already paid in the financial year.
Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year.
These businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year.
More information about the administration of these relief measures will be sent directly to eligible businesses.
Visit www.sro.vic.gov.au
Liquor licence fees waived
Renewable liquor licence fees for 2020 will be waived. Businesses that have already paid will be reimbursed.
The State Revenue Office will administer the reimbursement, regardless of whether the licence fee was paid to it or the Victorian Commission for Gaming and Liquor Regulation.
Visit www.sro.vic.gov.au
Liquor licence fees waived
Renewable liquor licence fees for 2020 will be waived. Businesses that have already paid will be reimbursed.
The State Revenue Office will administer the reimbursement, regardless of whether the licence fee was paid to it or the Victorian Commission for Gaming and Liquor Regulation.
Visit www.sro.vic.gov.au
Business Support Fund
The $500 million Business Support Fund will support the hardest-hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
The Government will work with the Victorian Chamber, Australian Hotels Association and Australian Industry Group to deliver the Fund, which will help these businesses – which may not be eligible for payroll tax refunds due to their size – survive and keep people in work.
Visit www.business.vic.gov.au
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.
Some displaced workers will have skills that can be readily transferred to new roles. The Government can also assist skills development or help people in obtaining immediate accreditation to commence work.
The Government will work across the public sector, local government, the not-for-profit sector and key private sector employers to facilitate job matching.
Visit www.vic.gov.au/workingforvictoria
Land tax deferral
Landowners 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.
Visit www.sro.vic.gov.au
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.
Download Economic Survival Package Document
21 March 2020
The Victorian Government will pump billions of dollars into the economy to help Victorian businesses and workers survive the devastating impacts of the coronavirus pandemic.
Premier Daniel Andrews and Treasurer Tim Pallas today announced a $1.7 billion economic survival and jobs package, which has been developed following discussions at National Cabinet and complements the work of the Federal Government.
As part of the package, the Government will provide full payroll tax refunds for the 2019-20 financial year to small and medium-sized businesses with payroll of less than $3 million – giving $550 million back to businesses who need it.
Payments will start flowing next week and will save eligible business up to $113,975 a year, with businesses saving an average of $23,000. These businesses employ around 400,000 workers. This assistance is a refund, not a loan.
The same businesses will also be able to defer any payroll tax for the first three months of the 2020/21 financial year until 1 January 2021, freeing up a further $83 million in cashflow.
Commercial tenants in government buildings can apply for rent relief – a move private landlords are also being encouraged to undertake – and 2020 land tax payments will be deferred for eligible small businesses.
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. The Government will also support the hospitality sector by waiving liquor licensing fees for 2020 for affected venues and small businesses.
We will also provide $500 million to establish a Business Support Fund. The fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
The Government will work with the Victorian Chamber, Australian Hotels Association and Ai Group to administer the fund, which will help these businesses – which may not be eligible for payroll tax refunds due to their size – survive and keep people in work.
The Government will establish a $500 million Working for Victoria Fund in consultation with the Victorian Council of Social Services and Victorian Trades Hall Council. The fund will help workers who have lost their jobs find new opportunities, including work cleaning public infrastructure or delivering food – providing vital contributions to our state’s response to the pandemic and affording those Victorians security when its needed most.
The Government will also facilitate job matching to help Victorians find short-term or casual roles.
Due to the ongoing economic uncertainty the pandemic is causing, the 2020-21 Victorian Budget will be deferred – in line with all other Australian Governments and agreed by National Cabinet. The Government’s base review outcomes will also be deferred.
The comprehensive package announced today has been developed to support small and medium sized businesses, and the Government is asking businesses to do whatever they can to support their workers.
The Government will continue to work closely with business and unions, and will announce further support over the coming weeks and months, in consultation with the Commonwealth, as the impacts of the coronavirus continue to evolve.
Media contact: Stephanie Anderson 0422 031 125 | stephanie.anderson@minstaff.vic.gov.au
Quotes attributable to Premier Daniel Andrews
“We’ve listened to business and workers and now we’re taking unique and unprecedented action to help businesses and their workers through this crisis.”
“Cash is better in the hands of struggling businesses than in a Government bank account right now – Victorian workers need us to step up to help get them through”
Quotes attributable to Treasurer Tim Pallas
“This is the first of many announcements we will make to help Victorian businesses survive and keep people in work.”
“We’re working in lock-step with the Federal Government to make sure our support complements their work as we weather this unprecedented global economic storm.”