Revolut business review: Plans, fees, and Australian alternatives
Read here for a review on Revolut Business in Australia. Compare multi-currency features, subscription plans, out-of-hours transfer fees, and alternatives.
Despite being one of the smaller Australian states, Victoria has a strong economy that is attractive to many companies and business owners. The state government offers a variety of business related grants, some of which can be taken advantage of by small businesses.
This guide will take a look at how small business grants work in Victoria, how to find the grant for your business and give you an insight into the Wise way of business banking.
| 💸 Looking for a stress-free international business account, with multiple cards, local and foreign currency account details? |
|---|
Discover the Wise
Business account
Small business grants are a form of government assistance that eligible owners can apply for. Their purpose is generally to promote the growth, innovation or assist with economic recovery of a small business. The grants are designed to improve businesses' chances for success, which in turn contributes to the strength of the local economy.
The Victorian government offers support in a wide range of areas, so there is likely something your small business can take advantage of. Here’s a list of what they may be able to help with.¹
The Victorian Government grants that a small business are eligible for can vary depending on a range of factors including the industry, location, prosperity and staff numbers.
Here are a few of the business grants and programs on offer in early 2022 that are unrelated to hardship.¹
As business grants aren’t static, it’s a good idea to periodically check what’s currently available for your business.
To support the state's economic recovery from Covid-19, the Victorian government have created a series of targeted business grants. These grants are created, adjusted and ended to ensure they are best meeting the needs of the community at the time. If you’re thinking of applying for a Covid-19 grant it’s a good idea to double check when applications close so you don’t miss out.
Here are a few of the Covid-19 related grants and programs that Victorian small businesses could access or apply for as part of the Business Stimulus Package announced in early 2022.²
To find out which business grants are currently scheduled or on offer in Victoria you can check these government websites.
The grant application system isn’t streamlined so there are variations in what you’re required to do. Here’s a broad overview of the steps you might take during the process.
Each grant has its own set of eligibility criteria, requirements and documentation needed. You’ll be informed of all that’s required in the application process.
It’s possible you may be asked for some of the following:
There are no application waiting periods listed online. You may be able to find out more information from the organisation responsible for evaluating your application.
| Read more: Small Business Grants in New South Wales. |
|---|
If a grant is classified as non-assessable, non-exempt (NANE) income by the Australian Taxation Office (ATO), it doesn’t need to be included on your tax return and you don’t need to pay tax on it. If the grant hasn’t been classified as NANE, you might be liable to pay tax on it.³
If you’re unsure whether tax is owed, it’s best to reach out to the ATO or speak to a registered business tax specialist.
To find out more about small business grants in Victoria, you can try contacting your local Victorian Government Business Office.⁴
Wise is an authorised financial services provider who could help make running your company a little easier and cheaper, especially when it comes to your international finances.
With a Wise business account you’ll have the ability to get local account details for several of the world's major currencies including AUD, USD, GBP and EUR.
You’ll get the advantages of a local account without ever having to travel abroad and your money is exchanged using the mid market exchange rate, just like you see on Google.
To learn more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.
Open your Wise business account
in minutes 🚀
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read here for a review on Revolut Business in Australia. Compare multi-currency features, subscription plans, out-of-hours transfer fees, and alternatives.
Compare the best payment gateways for WooCommerce in Australia, including features, fees, payment methods, and how to choose the right integration.
Learn how the Stripe payment gateway works in Australia, including features, fees, integration options, and tips for accepting online payments.
Need a fast, frictionless, and cost-effective payment solution for your online store? We cover the best payment gateways for ecommerce.
Compare OFX vs Airwallex for Australian businesses. Explore their features, multi-currency accounts, expense management, integrations, and fees.
Learn how to set up online payments for a small business in Australia, including payment methods, providers, costs, setup steps, and common challenges.