Victoria and Queensland pay $102m back in payroll tax
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Between them, the Queensland and Victorian state governments have reportedly returned $102 million to businesses in the form of payroll tax refunds.
Victoria has announced that 2,700 small business have been a recipient of the funds, with a total of 21,000 small businesses contacted about their refund. Businesses which have provided their bank details and are eligible should get their refund from the Victorian Government by the end of this week.
In Queensland, a reported $50 million has reached 2,300 small businesses, following the announcement of a $4 billion package for the state last Tuesday (24th March).
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Money is in the bank accounts of small and medium businesses – supporting them and thousands of jobs through the devastating impacts of coronavirus on the state’s economy.
Premier Daniel Andrews and Treasurer Tim Pallas announced today that payroll tax refunds have now hit the bank accounts of 2,700 small businesses, putting $52 million immediately back into the pockets of business owners.
More than 21,000 small businesses have been contacted about their refund, with all eligible businesses who have provided their bank details to get their money from the Victorian Government by the end of next week.
In more support for businesses impacted by the coronavirus, the first tranche of the Government’s $500 million Business Support Fund grants will flow from Monday, with $10,000 grants available for over 30,000 employers who don’t pay payroll tax.
The Government has smashed its target of $750 million in fast-tracked payments of outstanding supplier invoices, with more than $1.1 billion paid to businesses this week – putting more money into the economy to support jobs.
Cheques will be in the mail to 12,500 businesses either waiving or refunding their liquor license fees for this year and 64,000 small businesses will have their land tax deferred into the next financial year, helping them cut costs and survive through the impacts of coronavirus.
Yesterday, National Cabinet announced strict new quarantine measures to slow the spread of coronavirus and save lives. Most cases of coronavirus in Victoria right now are connected to returning overseas travellers.
Under the new measures, which come into force at 11:59pm tonight, all travellers returning from overseas to Victoria will be placed in enforced quarantine for a self-isolation period of 14 days.
The Government has already secured 5,000 hotel rooms to house newly-returned travellers – who will each receive care packages of food and other essentials – and will secure more rooms as needed to support the measures.
Victoria is in discussions with the Australian Defence Force about logistical support including transporting travelers from the airport to accommodation or distributing care packages.
With international travel and non-essential domestic travel banned and Victorians canceling their school holiday plans, our hotels and motels are struggling. But this allows us to support them, as well as enforcing the new quarantine measures.
The Government will continue to work closely with business and unions and will announce further support over the coming weeks and months, in consultation with the Commonwealth, as the impacts of the coronavirus evolve.
Quotes attributable to Premier Daniel Andrews
“We’re getting money out the door and into the bank accounts of struggling businesses as quickly as possible.”
“Our hotels and motels are struggling – hiring rooms allows us to support them, as well as enforcing the new quarantine rules to keep Victorians safe.”
Quote attributable to Treasurer Tim Pallas
“We’re making sure more Victorian businesses can access payroll tax refunds to help them weather this storm and get through to the other side.”
Quote attributable to Minister for Tourism Martin Pakula
“Our tourism industry has been hit hard by the coronavirus crisis, but it can play a critically important role helping slow the spread of the virus. This package will help businesses and jobs survive, as we do what’s needed to save lives.”
Payroll tax refund delivers $50 million to Queensland businesses
The Palaszczuk Government’s payroll tax refund initiative for businesses hit by COVID-19 has already seen more than $50 million land in the bank accounts of more than 2300 Queensland businesses right across the state.
The initiative was announced on Tuesday as part of a $4 billion in measures to support Queenslanders’ health, their jobs and businesses.
Deputy Premier and Treasurer Jackie Trad said the initial response was a strong start and encouraged other affected businesses to put their hands up to get their payroll tax back.
“We know that keeping as many companies operating and as many workers being paid as possible is the best way to nurse our economy through this downturn,” Ms Trad said.
“We designed the refund this way because it’s the quickest way to get back into the hands of small business owners.”
“The feedback we’re getting from businesses is that the process is straightforward, and just as importantly, it’s delivering for them.
“What we want to see now are more businesses getting online and getting money back – because we know that they need support now, not in a week or a month.”
Minister for Employment and Small Business Shannon Fentiman said she was pleased to see so many businesses were able to benefit from the payroll tax refund during the COVID-19 crisis.
“We want to continue to support our businesses to stay open and bounce back once the economy recovers,” Ms Fentiman said.
“Our payroll tax refund is all about keeping Queenslanders in jobs and assisting our local business owners during this crisis.”
The Chamber of Commerce and Industry Queensland’s General Manager of Advocacy and Policy Amanda Rohan said this immediate access to finance relief is what businesses need to try and keep their doors open.
“We know businesses are currently overwhelmed as they deal with these unfolding and challenging conditions and financial strain is causing a lot of stress,” Ms Rohan said.
“We encourage businesses to submitting their applications to have their payroll tax refunded as soon as possible, to help will alleviate some of that strain and enable them to plan their next moves.”
In addition to the refunds, QRIDA had received more than 12,000 expressions of interest for the Palaszczuk Government’s interest free loans for COVID-19 impacted businesses announced last week.
A full list of support for Queensland businesses can be found at business.qld.gov.au