Business Victoria Economic Survival Package Fact Sheet

We would encourage you to register with Business Victoria who have a Business Support Fund available to assist businesses from the hardest hit sectors.

This may assist with cash flow issues.

You can do that here: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/economic-survival-and-jobs-package

PDF Version

Victorian Government Economic Survival Package – Summary

The Victorian Government has introduced a $1.7 billion Economic Survival Package to assist businesses and workers affected by the COVID-19 pandemic. This package includes several key initiatives:

1. Payroll Tax Refund: Businesses with annual taxable wages up to $3 million will have their payroll taxes for the 2019-20 financial year waived, benefiting around 24,000 businesses and 400,000 workers.

2. Liquor Licence Fees Waived: Fees for renewable liquor licenses for 2020 will be waived, with reimbursements provided for those who have already paid.

3. Business Support Fund: A $500 million fund aimed at supporting sectors like hospitality, tourism, and retail, which are severely impacted by the pandemic.

4. Working for Victoria Fund: Another $500 million fund designed to help displaced workers find new employment opportunities across various sectors.

5. Land Tax Deferral: Landowners with non-residential properties and total taxable landholdings below $1 million can defer their 2020 land tax payments until after December 31, 2020.

6. Fast Tracking Supplier Invoices: The government commits to paying all outstanding supplier invoices within five business days to inject up to $750 million into the economy.

7. Rent Relief for Commercial Tenants: Commercial tenants in government buildings can apply for rent relief. The government encourages private landlords to offer similar support.

Additional resources include mental health support through Lifeline and Beyond Blue and a hotline for business-related inquiries. The Commonwealth Government also provides financial support measures such as boosting cash flow for employers and supporting apprentices. For more information on these initiatives, visit the respective websites provided in the document.