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

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COVID-19 Business Continuity – 23rd September

I’m here with the COVID-19 continuity update for Australian businesses on 23rd September.

Victorian Business Support Grant eligibility – further information

I have new information about eligibility for the Victorian Business Support Grant that might assist Tenfold clients with their applications for funding.

In order to be eligible for funding, the ANZSIC industry code associated with your ABN must be on the list of eligible industry classes – see the list on the BUsiness Victoria page here: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/business-support-fund-3#FAQs

It is critical that your ANZSIC code is on the eligibility list – if not, your application will be rejected.

Unfortunately, many of the sectors that have been significantly curtailed by the restrictions are not on the list of industry classes that are eligible for grants. For example, the ANZSIC codes for construction and landscape services are not on the eligible list.

However, we know that many businesses have adjusted their operations since they registered for their ABN or during COVID-19, and have shifted from their usual primary activity to another. For example, one business we coach has seen a significant reduction in landscape construction work and so they have shifted to gardening services.

I have spoken with Business Victoria about the above scenario and they have confirmed that it is acceptable for businesses to update their ANZSIC code to reflect the current primary business activity. The Business Victoria representative we spoke with said, “We are encouraging hybrid businesses to consider which code best reflects their main work at this time.”

The Business Victoria rep further cited the case of The Reject Shop; during the lockdown they modified their primary activity from general retail to grocery stores, which enabled them to remain open.

Business owners should consider how this information from Business Victoria relates to their situation.

Should you wish to confirm or update the ANZSIC code for your ABN, you can do so via the ABR website using your myGovID. Changes made to your ABN are updated immediately.

If you require it, the ATO has a tool you can use to search for different industry codes: https://www.ato.gov.au/Calculators-and-tools/Business-industry-code-tool/AnzsicCoder.aspx

As always, it is good business practice to have a record of your decision and the factors that you took into consideration to reach that decision. The ABR website does state that there are penalties for providing false or misleading information.

If you have any questions about your eligibility, please contact Business Victoria on 13 22 15 or visit:
https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/business-support-fund-3#FAQs

A Tenfold business coach can help you understand how your business could make best use of the grant money and get the most bang for your buck, should you be eligible.

Ash

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

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