Small Business Immediate Flood Relief Program Introduced

Small Business Immediate Flood Relief Program Introduced

With Victoria dealing with disastrous floods, the Australian Government introduced a flood relief program that provides an immediate financial relief with a one-off grant of $5000 along with a dedicated business relief service for small businesses. 

Under this initiative, two support streams are available:

  • Immediate Flood Relief Grant
  • Business Relief Services

To be eligible, businesses must:

  • have an active Australian business number (ABN) on and from October 14, 2022
  • have registered for the Goods and Services Tax (GST) on and from October 14, 2022
  • be located in a local government area that is considered eligible for aid
  • have suffered significant flooding damage to their business, assets, stock, or equipment.

Under immediate flood relief grant, a one-time payment of $5000 is available for businesses that have been directly harmed by the Victorian floods in October 2022 to cover the emergency costs and damages. Expenses covered under the grant include:

  • safety inspections, premise repairs and internal fittings
  • clean-up equipment, materials and services
  • removal of debris, damaged materials or damaged stock
  • equipment, stock and materials for resuming operations

Under Business Relief Service, a free service is introduced that offers one-on-one assistance from a local business mentor who will be accessible over the phone and in person to help business owners navigate the Commonwealth, state, and local supports available. A mentor can also assist you with managing landlord and insurance issues, evaluating the flood impact, and developing rehabilitation methods to bring your business back on track.

Closing Date For The Program

Applications for this program will close at 4pm on Friday 13 January 2023 or earlier if funds are exhausted. Applications will be assessed on a first-in, first-served basis.

If you are finding it hard to complete your application or need any professional assistance, get in touch with one of our tax accountants at KPG Taxation. We know what it takes to get your application accepted in the very first attempt.

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