The Victorian Government has announced an investment of $3 billion to help businesses affected by ongoing restrictions and prepare for COVID Normal business.
Master Builders Victoria welcomes this move, as it includes:
- Small and medium-sized business ($822 million): The third round of the Business Support Fund will provide up to $20,000 for business with a payroll of up to $10 million. Grant applications open on Friday 18 September 2020
- 1.7 billion to defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year
- $41 million to bring forward the 50 per cent stamp duty discount for commercial and industrial property for all of Regional Victoria
- $33 million to defer the planned increase in the landfill levy for six months
- $30 million to waive 25 per cent of the Congestion Levy this year, with the outstanding balance deferred
- $6 million to waive Vacant Residential Land Tax for vacancies in 2020
The government has acknowledged that there is more support to come for sole traders, and Master Builders Victoria will continue to push for measures to help our industry in particular.