This information is intended to act as a guide only and does not consider the varying circumstances of each individual. For more assistance, it is advised that individuals seek official government material or speak to their accountant.
Wellbeing and Mental Health Support for Victorian Small Business
Through this program, Victorians dealing with the challenges of running a small business can get the mental health support they need to navigate through the impacts of coronavirus (COVID-19).
Partners in Wellbeing telephone hotline 1300 375 330 (9am to 10pm weekdays). Provides one-to-one support to improve your wellbeing if you’re worried about your business, as well as free access to business advisers and financial counsellors.
Find more information here: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-package/wellbeing-and-mental-health-support-for-victorian-small-businesses#stjohnambulance
Find more information here: https://www.headsup.org.au/healthy-workplaces/for-small-businesses
Increased Instant Asset Write-Off
The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with an aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 31 December 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.
Business Support Fund
To support businesses impacted by these restrictions, one-off grants will be made available to eligible businesses under the Business Support Fund – Expansion program:
- $10,000 for employing businesses in metropolitan Melbourne and Mitchell Shire in recognition of spending longer under restrictions
- $5,000 for employing businesses in regional local government areas (except Mitchell Shire)
Applications for the program will be extended until 14 September 2020.
Early Access to Superannuation
If you're adversely financially affected by COVID-19, you may be eligible to access some of your superannuation early.
Eligible citizens and permanent residents of Australia and New Zealand can submit one application, through ATO online services in myGov, between 1 July 2020 and 24 September 2020. However, the government has announced they will extend the application period to 31 December 2020.
Temporary residents are not eligible to apply for COVID-19 early release of super in the 2020–21 financial year.
$450 Coronavirus (COVID-19) Test Isolation Payment
Victorian workers can apply for a $450 Coronavirus (COVID-19) Test Isolation Payment that provides financial support while they self-isolate to wait for the results of a coronavirus (COVID-19) test.
If your business is having difficulty meeting its tax and super obligations because of COVID-19, the ATO may be able to:
defer the due date for some payments
change your GST reporting cycle
allow you to pay instalments by setting up a payment plan.
Find more information here: https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Help-during-difficult-times/?sbnews20200812