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Victoria

Victorian Business Support Package

On 28 July 2021 the Victorian Government announced a $400 million support package, jointly funded by the Commonwealth Government. The package is designed to provide support to Victorian small and medium businesses experiencing financial hardship from the recent lockdown.
 
On 6 August 2021 the Victorian Government announced additional payments for previous recipients of the Business Costs Assistance Program Round Two and Round Two July Extension.
 
Further support was announced on 12 August 2021.

 

2021-2022 Victorian State Budget

On 20 May 2021, the Victorian Treasurer Tim Pallas handed down the 2021-22 Victorian State Budget. A number of tax-related measures were announced in a Budget that is designed to assist Victoria in bouncing back from the pandemic, with a focus on creating jobs and caring for Victorians, particularly mental health initiatives.
 

2020-21 Victorian State Budget

On 24 November 2020, the Victorian Treasurer Tim Pallas handed down the 2020-21 Victoria State Budget. The aim of the Budget is clear: to protect and create jobs, look after families, build strong and connected communities and build towards a strong economic recovery.

Swimming with the Sharks - Insights and analysis from season two of Shark Tank

Channel Ten’s Shark Tank was back for a second season, aired between 8 May and 7 July 2016, and featured budding entrepreneurs pitching their business ideas to venture capital investors (the ‘Sharks’). Moore Stephens’ Victorian Corporate Advisory Team took this opportunity to once again swim with the Sharks and gain an insight into the minds of both entrepreneur and investor.

Keeping it in the family

While the ATO continues to crackdown on tax minimisation strategies, quite a few legal pathways to paying less tax while preserving wealth for retirement or estate planning purposes still exist. Family trusts have significant tax saving abilities that make them an attractive tool for wealth creation.

Financial Reporting

Upcoming Changes to Contributions and Leasing Standards. The Australian Accounting Standards Board (AASB) is currently considering the responses it has received from constituents regarding its proposals in ED 260: Income of Not-for-Profit Entities.