27th July 2021   |   Business

Tax offset

The Victorian Government has announced more Grants to support Australian businesses. The following is a summary of the Grants available to Victorian Businesses and Individuals. Make sure you check all the guidelines and eligibility before applying. 

Covid-19 Disaster payment – For eligibility individuals who have suffered loss work due to the current lockdown: 

  • $600 dollars per week if you have lost more than 20 hours of work per week from the 16th of July
  • $375 dollars per week if you have lost less than 20 hours of work per week from the 16th of July
  • Payments are being claimed through Services Australia, with full instructions here

 

Top-up payments for successful applicants of prior Victorian grants:

  • Successful applicants of the Business Costs Assistance Program Round 2 will receive a further payment of $2,000
  • Successful applicants of the Licensed Hospitality Venue Fund 2021 will receive a further payment of $3,000
  • These payments will be automatically processed by the end of July and there is nothing further businesses need to do to receive them
  • Businesses who were not eligible for either grant previously, or who did not apply, will be given the opportunity to apply for them again by the end of July
  • Please keep an eye on the Business Victoria website here for further information

 

Payroll Tax Deferral:

  • Employers with Victorian payrolls up to $10 million, based on their 2020 financial year annual reconciliation returns, can defer their 2021 payroll tax liability until the 2022 financial year as follows:
    • At least 25% of the 2021 liability will be due on the 7th of September 2021
    • At least 50% of the 2021 liability will be due on the 7th of December 2021
    • At least 75% of the 2021 liability will be due on the 7th of March 2022
    • Any outstanding balance of the 2021 liability will be due on the 7th of June 2022
  • To be eligible for this deferral measure, employers must lodge their annual reconciliation returns for the 2021 financial year by no later than the 27th of August 2021

 

New Jobs payroll tax credit:

  • Eligible employers will receive a credit of 10 cents for every dollar of Victorian taxable wages paid in the relevant financial year that are above the previous financial year’s wages
  • This is applicable for the 2021 and 2022 financial years
  • To be eligible, employers payrolls must not exceed $10 million

For more information on payroll tax relief please visit the state revenue office website here

If you need assistance in applying for these grants please contact our team at info@Ax3.com.au

To see our services please click here

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