COVID-19 Stimulus Measures

There have been a number of stimulus announcements over the last month both from the Federal and State Governments to assist small businesses and their employees through the current economic downturn.

There have been a number of amendments to both eligibility and deadlines for some stimulus packages so it may pay to re-look at your options.

For example, Job Keeper has seen the enrollment extended to 8 May for organisations looking to claim  the $1,500 JobKeeper payments for the fortnights between March 30 to April 12, and April 13 to April 26 and some younger workers excluded as eligible employees.

If you think that your organisation is eligible for one or more of these and/or have been significantly affected by the Travel restrictions, please contact our office for assistance!


Federal and ATO summary of announcements thus far

Options available to assist businesses impacted by COVID-19 include:

  • ATO Deferring by up to six months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise
  • ATO Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities
  • ATO Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.
  • ATO advises Employers will still need to meet their ongoing super guarantee obligations for their employees.

Victorian Government Specific stimulus announced thus far

Payroll tax waived

Businesses with annual taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived. Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year. The State Revenue Office will directly contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year.

 Liquor licence fees waived

Businesses that have paid for a renewable liquor licence for 2020 will be reimbursed their licence fee and those yet to pay will have the fee waived. The State Revenue Office will administer the reimbursement, regardless of whether the licence fee was paid to it or the Victorian Commission for Gaming and Liquor Regulation.

Business Support Fund

Grant amounts of up to $10,000. to support small businesses that employ staff and are subject to closure or highly impacted by the shutdown restrictions announced by the Victorian Government as a result of the coronavirus (COVID-19).

Small businesses are eligible if they meet all these criteria:

  • Employ staff
  • Have been subject to closure or is highly impacted by shutdown restrictions announced by the Victorian Government to-date. For more information on affected sectors refer to the Non-Essential Activity Directions issued by the Deputy Chief Health Officer.
  • Have a turnover of more than $75,000
  • Have payroll of less than $650,000

 Land tax deferral

Land owners due to pay 2020 land tax that have at least one non-residential property and total taxable landholdings below $1 million have the option of deferring their 2020 land tax payment until after 31 December 2020. The State Revenue Office will contact all taxpayers who are eligible for this deferral.