Over the weekend, the Victorian Government announced a $196.6 million package available to construction operators within Victoria under the Business Costs Assistance Program Round 4. The package provides eligible businesses (including sole traders) with a one off-payment to cover the two-week shutdown of the construction industry from 21 September 2021 to 4 October 2021.
Who is Eligible to Receive Funding Support?
In order to be eligible to receive the package, businesses must:
- Have a worksite located in:
- Metropolitan Melbourne
- Mitchell Shire
- Surf Coast Shire
- The City of Greater Geelong
- Have incurred direct costs because of the restrictions in place between 21 September 2021 and 4 October 2021 (which have not been partially or fully recovered)
- Have been registered under a relevant construction-sector ANZSIC code
- Have an annual payroll of less than $10million
- Be registered for GST
In order to be eligible to receive the package, businesses must not:
- Have been able to operate remotely between 21 September 2021 and 4 October 2021
- Have received any of the following:
- Business Cost Assistance Program Round 2
- Business Costs Assistance Program Round 2: July extension program
- Small Business COVID Hardship Fund Payment
ANZSIC Codes
As outlined in the eligibility criteria, businesses must be registered under one of the following construction-sector ANZSIC codes:
- 3011: House Construction
- 3019: Other Residential Building Construction
- 3020: Non-Residential Building Construction
- 3101: Road and Bridge Construction
- 3109: Other Heavy and Civil Engineering Construction
- 3211: Land Development and Subdivision
- 3212: Site Preparation Services
- 3221: Concreting Services
- 3222: Bricklaying Services
- 3223: Roofing Services
- 3224: Structural Steel Erection Services
- 3231: Plumbing Services
- 3232: Electrical Services
- 3233: Air Conditioning and Heating Services
- 3234: Fire and Security Alarm Installation Services
- 3239: Other Building Installation Services
- 3241: Plaster and Ceiling Services
- 3242: Carpentry Services
- 3243: Tiling and Carpeting Services
- 3245: Glazing Services
- 3291: Landscape Construction Services
- 3292: Hire of Construction Machinery with Operator
- 3299: Other Construction Services
- 6621: Heavy Machinery and Scaffolding Rental and Hiring
- 6619: Other Motor Vehicle and Transport Equipment Rental and Hiring
What Funding is Available Under the Business Costs Assistance Program (Round 4) ?
The amount of funding eligible construction businesses can receive is as follows:
- Non-employing sole trader businesses will a one-off payment of $2,000
- Businesses with an annual payroll of up to $650,000 will receive a one-off payment of $2,800
- Businesses with an annual payroll of $650,000 to $3million will receive a one-off payment of $5,600
- Businesses with an annual payroll of $3million to $10million will receive a one-off payment of $8,400
How to Apply for the Business Costs Assistance Program Round 4
It’s important to note that eligible businesses do not need to apply for the Business Costs Assistance Program Round 4, with funding becoming available in mid-October. All eligible recipients of the Business Costs Assistance Program Round 2 and Business Costs Assistance Program Round 2 July Extension will automatically be paid their owed amount.
For further clarification on the Business Costs Assistance Program Round 4, and to confirm your eligibility, get in touch with our Melbourne-based accountants for a free consultation today.
