New grant for small businesses available in Victoria

The Victorian Government has launched a new $5 million Small Business Specialist Advice Pathways Program for Victorian small business owners to access financial and legal advice.

Eligible small businesses can receive a $2,000 grant to cover the costs of engaging a qualified service provider that can help with professional advice and services to help make informed business decisions and plan for the future.

Who is eligible?

This program is for employing small businesses that are established and have been operating since at least 1 July 2020.

To be eligible for a grant a business must meet the following requirements:

• Be a legally structured business registered in Victoria with an Australian Business Number (ABN) and have held that ABN on and from 1 July 2020
• Be registered with WorkSafe Victoria
• Employ 1-19 full-time equivalent staff

The program supports businesses that have adapted, pivoted or changed their core business activities in response to disruptive change caused by COVID‑19 and other factors by improving their capability and preparedness to plan for their future.

How can I use the funds?

Grant funds must be used to engage with a qualified service provider – such as TaxAssist Accountants - to assist your business with financial and legal advice or services, including:

Advice and analysis regarding the management of cash flow, preparation or cash flow budgets and projections,

• Profitability analysis and formulation of financial management and/or operational business strategies,
• Strategic analysis to revise business planning and/or governance arrangements,
• Advice regarding the management of debts and liabilities, or
• Advice and/or representation regarding commercial agreement contract terms (i.e. commercial leases or commercial supply contracts).

How does it work?

• Grant funding of $2,000 per ABN is available for eligible expenses on relevant professional advice and services under the program, where the minimum expenditure cost is $2,000 (ex GST). The grant payment only covers one service provider
   
• The applicant will receive an upfront payment of $1,000 to engage with their preferred qualified service provider
   
• The applicant will receive the final grant instalment of $1,000 on the satisfactory conclusion of the service activity. Approved businesses will be asked to complete a claim form to confirm that the project has concluded and;
  • Provide a statutory declaration stating that the activity has been completed and the Qualified Service Provider has been paid. A statutory declaration form is available here
  • Complete the online claim form by 5pm on 31 January 2023
  • Businesses will be required to respond to a short survey six months after they submit their application
  • Grants will be offered on a first come, first served basis until 4pm Friday 30 September 2022, or when funds are exhausted
  • You will need to provide one of the following forms of identification in your application:
  • Driver licence or learner permit issued by Vic Roads
  • Australian Passport
  • Medicare Card
  • Foreign passport for those issued with an Australian Visa

Our services

TaxAssist Accountants can help with all financial aspects of running your business from Year End Accounts, Tax Returns, Bookkeeping, BAS Returns, and Payroll, as well as Cashflow Projections, Superannuation, Business Plans, Employment Law, Debt Recovery, Capital Gains Tax and Audits and more.

Give us a call on 02 9174 5757 or fill in our enquiry form and we can set up a free initial consultation and discuss the Small Business Specialist Advice Pathways Program and our services in more detail.

Date published 31 Aug 2022