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State government COVID-19 financial help for Victorian businesses
It’s been a tough few months in Victoria with the second wave lockdowns, but hopefully there’s some light at the end of the tunnel with COVID-19 cases dropping.
The Victorian government has recently released a $3 billion support package to help eligible businesses to navigate their way out of the pandemic. The package includes cash grants,
tax relief and cash flow support that are in addition to measures already provided since March.
Cash grants
Around $75,000 eligible small and medium-sized businesses will receive grants of $10,000, $15,000 or $20,000 depending on their size via the Business Support Fund. Applications opened on 18 September for businesses with payrolls up to $10 million.
Eligible licensed venues will receive grants of between $10,000 and $30,000 via the Licensed Venue Fund.
Eligible sole traders who operate from commercial premises as tenants will receive a $3,000 grant via the Sole Trader Support Fund.
Eligible hospitality businesses will receive grants of up to $5,000 to help them adapt to outdoor dining via the Outdoor Eating and Entertainment Package.
Tax relief
The Victorian government is also providing the following tax relief for eligible businesses to help with cash flow:
· payroll tax refunds and waivers, and
· waivers and deferrals of liquor licence fees.
How we can help
At Scorpion Bookkeeping, we can help you to determine your eligibility for these business support measures. We currently have a diverse range of clients in Victoria.
We can also help you to implement Xero software to help you with your bookkeeping and provide you with ongoing bookkeeping support services. We are a Xero-certified partner.
Contact us today for a free, no-obligation consultation to find out how we can help your business!