Jul 20, 2021

 

VIC COVID-19 Support Package - Key Measures

The Federal and Victorian Government announced several new and modified support measures as part of their support package. The following summarises some of the key measures announced last week.

COVID-19 Disaster Payment

Employees whose hours of work are reduced relating to a compulsory lockdown will be entitled to taxable COVID-19 Disaster Payments. This weekly payment will vary depending on the number of hours lost. The payment will open for applications on day eight of a lockdown. No liquid assets test will apply. 

Hours of work lost

8 to less than 20

20 or more

Weekly payment

$375

$600

 See Services Australia COVID-19 Disaster payment for more information and how to claim. 

Pandemic Leave Disaster Payment

A taxable lump sum payment of $1,500 is available to individuals who cannot work due to self-isolation or quarantine obligations relating to COVID-19 restrictions. This lump sum payment is available for each compulsory 14-day period of self-isolation or quarantine.

See Services Australia - Pandemic Leave Disaster Payment - Victoria for more details on eligibility. 

Business Cost Assistance Program Round Two - Top-Up Payment

Businesses that are eligible for the Business Costs Assistance Program Round Two will be eligible for a top-up payment of $2,000.

The Business Costs Assistance Program Round Two provides assistance to eligible small to medium businesses impacted by the May to June 2021 COVID-19 restrictions. A grant of up to $7,000 to eligible small and medium businesses is available under the program. For more information please see Business Costs Assistance Program Round Two

Licensed Hospitality Venue Fund 2021 - Top-Up Payment

Businesses that are eligible for the Licensed Hospitality Fund 2021 will be eligible for a top-up payment of $3,000.

Under the Licensed Hospitality Venue Fund 2021, eligible liquor licenses operating a restaurant, hotel, cafe, pub, bar, club or reception area that are registered to serve food and alcohol received a grant. The grant was $3,500 per premise in regional Victoria and $7,000 per premise in metropolitan Melbourne.

In addition, licensees operating an eligible tourism business in regional Victoria may also receive a Tourism Supplement bringing their total grant to $7,000.

See Licensed Hospitality Venue Fund 2021 for more information.

Business Support Payments

At the time of writing the Commonwealth and Victorian governments have yet to confirm whether the Commonwealth / State funded Business Support Payments like that made available to NSW would be made available to VIC.

See PM's National Cabinet Media Statement 16 July 2021 for more information.

What about other states?

Fore more information on state and territory information, grants and assistance please see business.gov.au

 

 

Disclaimer 

The information provided is general in nature. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this information you should consider the appropriateness of the information, having regard to your own objectives, financial situation and needs. This publication is prepared by IOOF for: Bridges Financial Services Pty Limited ABN 60 003 474 977 AFSL 240837, Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323, Financial Services Partners Pty Ltd ABN 15 089 512 587 AFSL 237 590, Lonsdale Financial Group Ltd ABN 76 006 637 225 AFSL 246934, Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 AFSL 244252, RI Advice Group Pty Ltd ABN 23 001 774 125 AFSL 238429, Shadforth Financial Group Ltd ABN 27 127 508 472 AFSL 318613 (‘Advice Licensees’). This publication is not available for distribution outside Australia and may not be passed on to any third person without the prior written consent of the Advice Licensees. These measures may be subject to change by the relevant Government and or regulatory authority(ies) without notice and, accordingly, may not be as represented here as at this date of publication. Also the information is based on our understanding of the proposed changes as at the date of issue of this document. Accordingly, you must not do or refrain from doing anything in reliance on this information without obtaining suitable professional advice.