Victorian Business Support Package
Binghay Co • July 30, 2021
The Victorian and Commonwealth Governments have announced the following extra support measures to assist small and medium businesses to recover from the recent lockdown.
Business Continuity Fund
will be established to deliver $5,000 grants to businesses that remain impacted by capacity limits.
Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services and hairdressers. All recipients must have received or been eligible for the previous Business Cost Assistance Program.
Small Business COVID Hardship Fund
will be established to support small businesses who have not been eligible under existing business support funds.
Small businesses with a payroll of up to $10 million who have experienced a 70 per cent or greater reduction in revenue will be eligible for grants of up to $5,000.
Licensed Hospitality Venue Fund
will provide grants of up to $20,000 to support licensed venues as their operations continue to be impacted by current restrictions.
To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.
Commercial Tenancy Relief Scheme and Landlord Hardship Fund
will provide support to landlords that provide rent relief for their tenants.
The Commercial Tenancies Relief Scheme will be reinstated to provide much needed rent relief to small to medium commercial tenants and their landlords with more details on the roll out to be provided by the Victorian Government soon.
Check your local council website to see what local financial support or other assistance is being offered.
Commonwealth Government COVID 19 Disaster Payment
Individuals may also be eligible for financial support through the Commonwealth Government’s COVID-19 Disaster Payment.
Individuals may also be eligible for financial support through the Commonwealth Government’s COVID-19 Disaster Payment.
Most microbusinesses not registered for GST are eligible for the COVID-19 Disaster Payment of $600 or $375 per week.
The Victorian Government is establishing a concierge service
to help these businesses access this support.
For further information contact Business Victoria
on 13 22 15.
If you would like our assistance with these grants, please send us a message here.
While the standard financial year ends in June, the Fringe Benefits Tax (FBT) year actually ends on 31 March. If your business provides benefits like company cars, gym memberships, or entertainment to employees, now is the time to gather your records. For those with company vehicles, please remember to take an odometer reading on 31 March. We can help you work through the details and ensure you’re not paying more FBT than necessary.
Your balance sheet is a key financial statement to understand. So we’ve highlighted five ways your balance sheet can keep you informed about your financial health.
#balancesheet #accounts #businesstips
If you are reflecting on where you are at and thinking about your business goals for the financial year ahead, we can help you establish measurable goals for your business.
#smallbusiness #financialnewyear #goalsetting
