COVID-19 Update

Business Support Fund - Eligibility Update

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26 May 2020 

We have just received an update on the Victorian Business Support Fund in case you did not meet eligibility previously, they have added an additional, more lenient criteria.

 

1.    Expanded Eligibility Criteria

 

1.1  To be eligible for a grant, businesses[1] must meet the following eligibility criteria:

  • Employ people; and     
  • Have a turnover of more than $75,000 [2]; and     
  • Have a payroll of less than $650,000[3]; and     
  • Hold an Australian Business Number (ABN) and have held that ABN at 16 March 2020 (date of the State of Emergency declaration); and     
  • Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020; and     
  • Operate in an industry sector that has been subject to closure or highly impacted by shutdown restrictions announced by the Victorian Government[4]; OR
  • Be enrolled as eligible participants in the Commonwealth Government's JobKeeper Payment scheme[5].   

 

If you would like any assistance please contact your knp representative.

 

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[1] Businesses are those entities where a business name is registered with the Australian Securities and Investment Commission (ASIC).  In the case of a charity it is registered with the Australian Charities and Not-for-profits Commission (ACNC); incorporated associations are registered with Consumers Affairs Victoria (CAV); and sole traders are identified by ABN registration. Note that any adverse findings against a business will be taken into consideration.

 

[2] Generally $75,000 in annual turnover is the threshold for quarterly submission of a Business Activity Statement (BAS) and is evidence that your business is registered for GST.  Note for not-for-profit businesses, alternative evidence of turnover can be provided. For further information go to the Australian Tax Office website link https://www.ato.gov.au/Business/GST/.

 

[3] Victorian businesses do not have to pay payroll tax if their total annual payroll is under $650,000. Note that Victorian Government is providing full payroll refunds for the 2019-20 financial year to small and medium businesses with a payroll of less than $3 million.

 

If your company is part of a group of companies that is registered for payroll tax and will receive the payroll tax refund [announced as part of Government's $1.7 billion Economic Survival Package], your company is ineligible for this funding program.

 

[4] These reflect the Restricted Activity Directions of the Deputy Chief Health Officer link https://www.dhhs.vic.gov.au/sites/default/files/documents/202004/state-emergency-directions-restricted-activity-directions-No5-signed-24-04-2020.pdf and additional business types identified in the Premier's media release of 21 March.  Further information is available on the Business Support Fund web page https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-fund. Your industry Australian Business Number (ABN) Registration includes your self-nominated industry classification and this will be used to determine your eligibility for this criterion. For information on how to update your ABN, go to the Australian Business Register website link https://www.abr.gov.au/.

 

[5] The JobKeeper Payment scheme (JobKeeper) is a Commonwealth Government program to support businesses significantly affected by the coronavirus to help keep more Australians in work

https://www.ato.gov.au/General/JobKeeper-Payment/. JobKeeper supports small businesses that have had (or are expected to have) their turnover reduced by 30 per cent or more. To demonstrate that your business is enrolled as an eligible participant in JobKeeper you must supply your JobKeeper registration receipt.

 

 

 

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