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1.    Victorian Government’s $1.7 billion economic survival and jobs package.

In this:

  • the Government will provide full payroll tax refunds for the 2019-20 financial year to small and medium-sized businesses with payroll of less than $3 million
  • The same businesses will also be able to defer any payroll tax for the first three months of the 2020/21 financial year until 1 January 2021
  • Commercial tenants in government buildings can apply for rent relief
  • 2020 land tax payments will be deferred for eligible small businesses
  • the Government will establish a $500 million Working for Victoria Fund to help workers who have lost their jobs find new opportunities, including work cleaning public infrastructure or delivering food
  • The Government will also facilitate job matching to help Victorians find short-term or casual roles

2.    Both the Federal and Victorian State Governments have advised the 2020-21 Budgets will be deferred.

3.    The Federal Government announced its second stimulus package.

In this:

  • Up to $100,000 to eligible small and medium sized businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000. These payments will help businesses and NFPs with their cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff.
  • The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.
  • Under the Coronavirus SME Guarantee Scheme, the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital. SMEs with a turnover of up to $50 million will be eligible to receive these loans. The Government will provide eligible lenders with a guarantee for loans with specific terms.
  • The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
  • The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for 2019-20 and 2020-21.

Read the key elements of the second stimulus package

4.    Stage 1 Shutdown on non-essential activity across Victoria now in force.

This includes:

  • pubs, clubs, nightclubs, Crown Casino, and licensed venues in hotels and pubs
  • gyms, indoor sporting venues, places of worship, cinemas and entertainment venues.

Restaurants and cafes will only be allowed to provide home delivery or takeaway services.

Please contact our team to discuss any item in this update +61 3 9820 6400 or send an email to hcm@hallchadwickmelb.com.au.