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Free money? How much better could your bank account be?

Posted by: Ewen Fletcher on

With the endless demands for your attention during these COVID times, you could be forgiven for nearly missing the odd thing or two.

However no one likes to miss out on any free money and with this in mind below is a summary of what your Victorian business may be eligible for:

  1. JobKeeper – Original scheme runs up to 27th September 2020 and pays $1,500 per fortnight per eligible employee or eligible business participant (owner). There are still limited options to access this scheme for the month of September.
  2. JobKeeper 2 – The second part that begins on 28th September 2020 and pays two levels of payments, $1,200 and $750 per fortnight. Over the period of JobKeeper 2 it will provide funding of between $5,250 to $8,400 per eligible employee or eligible business participant.
  3. Business support fund grant, stage three – Grants of up to $20,000 ($10,000 – $20,000) for businesses with a payroll up to $10 million (1). Applications open Friday 18th September.
  4. Cash flow boost – Offered a $20,000 – $100,000 of funding to offset PAYG Withholding for a business and often resulted in refunds or greatly lowered BAS payments.
  5. Payroll tax refund (2020 Financial Year) – For businesses in the payroll tax net but with payrolls under $3 million this was a real win. With all payroll tax being refunded for those businesses for the 2020 Financial Year.
  6. Payroll tax deferral (2021 Financial Year) – Businesses with payrolls of less than $10 million can defer their 2020/2021 payroll tax for 12 months (use with caution).
  7. Licenced venues – Grants on offer of $10,000 to $30,000 to get these venues back in operation and keep them trading.
  8. Licenced venues – $5,000 grant to assist with the setup of outdoor spaces for patrons (for example umbrellas and outdoor furniture). Applies to those venues with payrolls under $3 million.
  9. Licenced venues – Waiver of the 2020/2021 liquor licencing fees

The above stimulus payments may well be what keeps your business operating or allows it to re-open, so do not let this opportunity pass you by.

If you think some of the above stimulus payments may apply to your then make contact with your business advisor and see if you qualify – Better to ask the question and be told no than to not ask; and miss out.

(1) For those businesses that qualified for stage two of these grants ($5,000 regional / $10,000 metro), the same criteria applies. The range of the grant amount depends on your payroll amount, if under $650,000 then it is a $10,000 grant, if between $650,000 to $3 million, a $15,000 grant and the top grant above this.

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