Strategies and advice for businesses to stay in control through COVID-19 and get ahead of the pack

Get up to speed here

COVID-19 Business Continuity – 10th July

I’m here with the COVID-19 continuity update for Australian businesses on Friday, 10th July.

In today’s briefing:
1. Payroll tax deferral for some Victorian businesses
2. More support to come for Victorian businesses
3. Reminder – register your interest for the Vic support grant

1. Payroll tax deferral for some Victorian businesses

Good news from the Victorian government today. Payroll tax has been deferred for the first half of the financial year for eligible Victorian businesses. The eligibility criteria is total payroll up to $10 million.

We all dislike paying payroll tax so this is a bit of relief.

There are a few brief points I want to note:

  • This is a deferral only, not a refund or a waiver. At this point, we haven’t been told when the deferred payments will be due.
  • This is an extension of the initial deferral period – originally the deferral was only the first 3 months of the 20/21 financial year, now the first six months will be deferred.
  • Previously the deferral was only for businesses with payroll less than $3M, now it’s available up to $10M in total payroll (includes wages and super).
  • You still have to lodge your payroll returns with the SRO.

2. More support for Vic businesses to come

Today Victorian Treasurer, Tim Pallas, outlined a $534 million support package for Victorian businesses. Aside from the grants mentioned below we don’t see any other substantial benefits that will specifically benefit Tenfold clients. However, he did send a strong message that there will be more support soon for Victorian businesses. His comment was,
“This will not be the last that you hear of the support from this government as we go through these difficult times.”

We expect the Vic Government will announce any additional measures following the federal government’s update on July 23.

Stay tuned.

3. Register your interest for the Victorian business support grant

Just a reminder to register your interest for the $5K business grant from the Victorian Government today. It takes 2 minutes – simply enter your business name and ABN and email. Here’s the link: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/expanded-business-support-fund#register
——————–

It’s been another big week for everyone. I want to wrap up with a couple of things for business owners to keep in mind: The first is that Victoria represents around 20% of the national economy – the nation needs Victoria to recover, so we can expect more support to come the way of our Victorian clients.

And the second thing is that we’ve been through this before, we can get through it again. The whole Tenfold team of business coaches and mentors is here to support you and your business. We’re on your side.

Take care this weekend.
Ash

Ash

Ashley Thomson B.Eng(Hons), Grad. Dip. Mgmt, MEI
Managing Director
Tenfold Business Coaching

Comments are closed, but trackbacks and pingbacks are open.

ABOUT US
We are the leading business coaching firm in Melbourne, offering mentoring and coaching for business owners. People often ask which industries we specialise in; do we provide business coaching for manufacturing, or are we experts in mentoring businesses in the trades, such as electricalplumbing and landscaping? Well, yes. And retail, and construction, and IT, and allied health… the list goes on. (We even coach other business coaches – true!)
..
Whatever industry, business is complex but the answer is simple: every Tenfold business coach is experienced in business and an expert in profitability.
CONTACT US

Feel free to drop us a line by phone, or send us an email.

Phone: 03 9813 8777
Address: 6/1949 Malvern Rd Malvern East VIC 3145