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Victorian Government Assistance Package Due to Coronavirus (COVID-19)
The Victorian Government has announced a $1.7 billion assistance package to support jobs and businesses during the COVID-19 crisis. The economic survival package includes key tax measures including waiving payroll tax for the full 2019-20 year for eligible businesses.
Payroll tax relief
Businesses that have annual taxable wages (inclusive of superannuation payments) of less than $3 million will have their payroll tax liabilities waived for the 2019-20 financial year. These businesses will receive a full refund of any paid payroll tax already paid for 2019-20, with refund payments to be made from 27 March 2020.
Additionally, these businesses will be able to defer their payroll tax for the first three months of the 2020-21 year, with deferred payments to be paid by 1 January 2021.
Eligible businesses must continue to lodge payroll tax returns without making payments.
Land tax deferral
Landowners that own at least one non-residential property and have total taxable landholdings below $1 million can defer their 2020 land tax payments until after 1 January 2021. Any land tax paid already for the year can be refunded. Land tax that is deferred will need to be paid in full by 31 March 2021.
The State Revenue Office will make contact all landowners who are eligible for deferral.
Business stimulus measures
Additionally, the Victorian Government has announced the following measures to help support struggling businesses:
- Liquor licence fees waived – 2020 renewable liquor licence fees will be waived. Businesses that have already paid their licence fees for 2020 will receive a refund.
- Rent relief – Commercial tenants in Victorian Government buildings can apply for rent relief.
- Payment of outstanding supplier invoices – The Victorian Government will pay its outstanding supplier invoices within five business days.
- Business Support Fund – This $500 million fund is aimed to support sectors that have been hit hardest by the COVID-19 crisis including the retail, tourism, hospitality, accommodation, arts and entertainment industries.
The Victorian Government has also announced the Working for Victoria Fund, a $500 million fund established to help Victorians who have lost their jobs, helping them to find new work and opportunities. The Victorian Government will also help those affected find casual and short-term work by facilitating job matching.
If you would like assistance please speak to your usual Mazars advisor or alternatively our specialists below:
Brisbane – Jamie Towers
Melbourne – Evan Beissel
Sydney – Gaibrielle Cleary
+61 7 3218 3900
+61 3 9252 0800
+61 2 9922 1166
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.
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