Has your business been affected by the recent lockdowns announced in Victoria?
If so, please see below for the support tax free measures available to you and your business should you be eligible:
Business Costs Assistance Program Round Four (‘BCAP4’)
Eligible businesses will receive additional payments per week with payment size determined according to their 2019-20 annual payroll size.
Three tiers of automatic payments will be available to eligible Business Costs Assistance Program Round Two and the Business Costs Assistance Program Round Two July Extension recipients based on the size of their annual payroll.
- $2800 per week for businesses with no payroll or an annual payroll below $650,000.
- $5600 per week for businesses with an annual payroll between $650,000 and less than $3 million.
- $8400 per week for businesses with an annual payroll between $3 and $10 million.
The payment will be made automatically on a fortnightly basis. You do not need to apply for the payment.
A New Business Continuity Fund
On 28 July 2021, it was announced that $5,000 grants to up to around 30,000 businesses impacted by capacity limits placed on businesses by necessary public health restrictions.
Recognising businesses located in the CBD will continue to be impacted due to restrictions on the number of staff allowed in office buildings, they will be eligible to receive an additional $2,000 CBD grant.
Small Business COVID Hardship Fund
The program offers grants of $20,000 to eligible small and medium businesses, including employing and non-employing businesses. This program will allow more businesses who have previously not received support, to receive financial relief now.
Please note: The total grant amount increased from $14,000 to $20,000 on 4 September 2021. Businesses that have already received a grant through this program will receive an automatic top-up payment of $6,000 into their nominated bank account.
Applications will close at 11:59pm on Friday 10 September 2021
Licensed Hospitality Venue Fund
The Victorian Government has announced additional, automatic payments for businesses that have received the Licensed Hospitality Venue Fund 2021 or Licensed Hospitality Venue Fund 2021 July Extension.
The additional, automatic payments are:
- A top-up payment of $3000 announced on 16 July 2021.
- A top-up payment of $4200 announced on 21 July 2021.
- A top-up payment of between $5000 and $20,000, based on patron capacity, announced on 28 July 2021.
- An additional $2000 payment for premises located in the CBD, announced on 28 July 2021.
- A top-up payment of between $5000 and $20,000, based on patron capacity, announced on 6 August 2021.
- A top-up payment of between $5000 and $20,000, for business in metropolitan Melbourne based on patron capacity, announced on 12 August 2021.
- A top-up payment of between $10,000 and $40,000, based on patron capacity. This was announced for premises located in metropolitan Melbourne on 19 August 2021 and extended to regional Victorian premises on 22 August 2021.
- Top-up payments of between $5,000 and $20,000 per week based on patron capacity, announced on 4 September 2021. Hospitality businesses will remain eligible while they are unable to operate due to public health restrictions.
Alpine Business Support Fund
The Victorian Government’s two most recent extensions to the Alpine Resorts Winter Support Program announced on the 22nd of August and the 4th of September total $22.4 million. Alpine businesses can now receive further payments of between $20,000 (off-mountain) and $80,000 (employing businesses, on mountain). This brings the total support available through the program up to more than $38.4 million.
If you are an eligible business for the Alpine Resorts Winter Support Program, you would have received a phone call from the Department of Jobs, Precincts and Regions to provide more information on the program and help you through the application process.
If you haven’t received this phone call and think you could be eligible for this funding, please contact alpineprograms@ecodev.vic.gov.au.
Commercial tenancy relief for Victorian businesses
On 28 July, it was announced the Victorian Government has also reintroduced the Commercial Tenancy Relief scheme to ease pressure by providing rent relief for eligible tenants.
Separate support is being given to landlords who provide rent relief (via the $80 million Landlord Hardship fund).
Broadly this makes it a requirement for commercial landlords to provide rent relief that matches their tenant’s fall in turnover (where the tenant is otherwise eligible for the support).
This will generally be available for businesses with an annual turnover under $50 million that has experienced a fall in turnover of at least 30% due to the coronavirus.
Further information can be found https://business.vic.gov.au/grants-and-programs?page=1
If you would like assistance please complete our online enquiry via our contact us button or by calling a GM Tax office closest to you.