Announced by Victorian Premier Daniel Andrews on Sunday, the new $3 billion initiative will see the business support package swell to $20,000 for businesses with a payroll between $3 million and $10 million.
Eligible businesses with an annual payroll between $650,000 and $3 million will receive $15,000, while those with payrolls below $650,000 will receive $10,000.
Payroll tax deferrals for the full 2020–21 financial year will also be extended to businesses with payrolls of up to $10 million.
To target specific sectors, including the hospitality industry, the state government will now establish a $251 million dedicated licensed venue fund, with grants of between $10,000 and $30,000 for licensed venues. Liquor licence fees will also be waived for 2021.
Grants of up to $20,000 will also be made available to alpine businesses to help them cover their ski resort fees.
Sole traders and small businesses will also benefit from a $20 million voucher program that will assist them in adapting to online operations, including access to e-commerce platforms such as Shopify or Squareonline.
The new support package comes as Victoria’s State of Emergency and State of Disaster declarations have been renewed for another four weeks to 11 October.
The increased business support package also comes after CPA Australia urged Mr Andrews to increase grants and waive payroll tax in light of his government’s protracted reopening roadmap.
Under the government’s roadmap for reopening, most businesses would not be allowed to reopen until 26 October.
“For our state to recover, we need our businesses to recover, too. As we take our first safe and steady steps towards COVID normal, this support will help make sure we get through this together,” Mr Andrews said.
“We’ll continue meeting with and listening to businesses so we can do everything we can to support them and their workers.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.