Here’s what was revealed own Tuesday, and what it means for salons.
Payroll tax deferment to continue
Businesses with payrolls of up to $10 million can continue deferring payroll tax for the rest of the 2020-21 financial year, and the government said it will also increase the threshold for paying payroll tax on an annual basis to $100,000 from $40,000. The move is intended to provide $309 million of cash flow support to 7,000 businesses over the next four years, according to the government.
New Jobs Tax Credit
Salons that re-hire staff, restore hours and create new jobs are set to benefit from the New Jobs Tax Credit initiative, which will run for two years. Under the scheme, eligible businesses will qualify for a tax credit of 10 cents for every dollar of Victorian taxable wages above previous years.
Small Business Support Toolkit
Around $6 million will go towards a new program called the new scheme, which will offer salons with high-growth potential masterclasses and personalised coaching in digital innovation.
Jobs For Victoria
A $619 million Jobs for Victoria program will offer $250 million to support businesses through a six‑month wage subsidy targeting young people, retrenched workers and people who have been long‑term unemployed.
There will be more funding for apprentices and trainees with a focus on helping women get into the trades, and a $10 million fund will help female entrepreneurs access start-up capital.
The government will also provide $150 million of subsidy support towards getting women back in work, with around a third of such placements being provided to women over 45.
To help women and families juggle work and care, the government has also allocated $170 million to make kinder free next year and will invest $82 million to increase the availability of before and after school care.
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