COVID government grants for Ballarat businesses

With many businesses struggling financially during strict lockdown measures to combat the highly-infectious Delta variant, COVID government grants in Ballarat offer much needed financial support.

The region’s businesses are diverse, innovative and determined. However, since the pandemic’s arrival last year it’s been an incredibly difficult run for many. State Government-imposed restrictions mean some have had to shut down all or part of their operations at certain times over the past 18 months, including our current lockdown.

Grants to help small businesses, workers and households are crucial. But with state and federal tiers of government providing different support programs in this constantly evolving situation, what are the options available, who is eligible and are there tax implications?

The Australian Taxation Office naturally wants to ensure the COVID-19 stimulus measures maintain their integrity, but says it will help people resolve honest mistakes if they arise. It has also pledged to come down hard if people deliberately exploit the system.

Financial support

Here are some COVID government grants Ballarat businesses may benefit from:

• The COVID-19 Disaster Payment, a support payment provided by Services Australia. It’s a weekly payment that aims to support people who can’t earn an income due to a COVID-19 lockdown, restricted movement period or hotspot.

Due to a recent change in legislation the payment now falls into the non-assessable non-exempt category. This means it’s treated as a non-taxable payment, therefore you don’t have to list it in your tax return. However if you’ve already submitted your 20/21 tax return, with the payments included as assessable income, you should amend it. You might get to enjoy a refund.

It’s worth noting that if you have a micro business that isn’t registered for GST, which makes it ineligible for state business support, you can apply for the disaster payment.

• Business Costs Assistance Program Round Two recipients in Victoria should have automatically received top-up payments over July and August. Round Three support is also available;
• Licensed Hospitality Venue Fund 2021 recipients should also get top-up payments automatically;
• Victoria’s Business Continuity Fund, offering a $5000 payment to support businesses across 24 sectors hit hard by additional capacity limits after reopening in late July because of COVID restrictions. Hairdressers, pubs and cafes are included in the sectors. Businesses who received the Business Costs Assistance Program Round Two and July extension will quality if they are in the listed sectors. Melbourne CBD businesses who receive fund support will get an extra payment;
• Small Business COVID Hardship Fund, for Victorian businesses suffering a 70 per cent turnover reduction. This Victorian Government fund provides $14,000 grants for small and medium business who meet the eligibility criteria, and applications close on September 10. It will help businesses hit hard by the recent COVID restrictions. Prospective applicants should note that this grant is only available to businesses who have not benefitted from financial support from other Victorian Government packages launched on or after May 27. These include the Business Costs Assistance Program Round Two and the Licensed Hospitality Venue Fund 2021;
• And the Live Performance Support Program Round Two, for presenters and suppliers of goods. Applications close on September 8.

At Accountable Business Solutions, we are passionate about helping small and medium businesses access available financial support to help with the economic challenges caused by COVID restrictions and disruptions.

Our accountants can advise clients on potential support options and eligibility criteria, then help them apply for COVID government grants for their Ballarat businesses.

If you would like to talk to one of our experienced and highly-skilled accountants, please contact Accountable Business Solutions today on 03 5331 3118.