Victoria announces new $200 million support package
Lowe Lippmann Chartered Accountants
The Victorian Government has announced a major stimulus injection of $200 million to target key sectors led by hospitality and tourism and will help businesses recover strongly from the effects of the Omicron variant.
The package includes the following supports for Victorian residents:
- New and extended $100 million voucher scheme will provide rebates to Victorians for entertainment, dining and travel;
- This includes a $10 million round of Melbourne Money to be delivered with the City of Melbourne, enticing diners back to city cafes, bars and restaurants by reimbursing part of their bill;
- New $30 million round of the Victorian Travel Voucher Scheme will encourage even more people to holiday at home and spend on accommodation, attractions and tours; and
- New entertainment voucher scheme will provide $30 million in rebates for tickets to the theatre, live music, cinemas, museums, galleries, conferences, exhibitions and other events across Victoria.
The package includes the following supports for businesses:
- $60 million Ventilation Voucher Program to help small businesses purchase equipment and upgrades to reduce the spread of COVID-19 in the workplace and improve customer confidence;
- $34.2 million of Jobs Victoria funding to place workers in over 1,500 jobs across hospitality, warehousing and logistics, tourism and food processing;
- Further $5 million to extend the Small Business Digital Adaptation Program, providing rebates of up to $1,200 so businesses can access a range of digital tools; and
- Extension of the Business Recovery and Resilience Mentoring Program with the Victorian Chamber of Commerce and Industry so more small businesses have access to coaching.
For more information on the package and when each program opens, visit vic.gov.au/business-stimulus-package.
Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.
Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here
Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
