Everything you need to know about the Victoria Circuit Breaker Business Support Package

June 9, 2021

On the 27th of May, 2021, Victoria's government announced a $250.7 million Circuit Breaker Business Support Package.

Designed to support small and medium businesses, this specific package assists 90,000 sole traders and business owners over three separate initiatives. With lockdowns now extending across Australia again, the Victorian Government announced an additional $209.3 million worth of grant funding, taking the total to $460 million.


Want to know more about what the Circuit Breaker Business Support Package means and whether your business may be eligible to receive help from the second round of funding? We've covered all the basics below to keep you informed, in the loop, and ready to apply.


What was the Circuit Breaker Business Support Package?

A program designed specifically by the Victorian Government, the initial Circuit Breaker Business Support Package was created to help businesses across the hospitality sector. By providing funding for those hardest hit by lockdowns and the pandemic, Victoria's goal was to provide the funds needed to keep businesses afloat and ready for re-opening at a later date.


This package includes three specific programs and funds:


• Business Costs Assistance Program

An initial $190.1 million in funding was allocated to the Business Costs Assistance Program, available in $2,500 single grants for eligible employers and sole traders in the qualified businesses listed below. These grants are designed to support companies that have been forced to close during the circuit-breaker lockdown without the ability to move to remote work.


• Licensed Hospitality Venue Fund

Much like eligible businesses, the hospitality industry has been hit hard by circuit-breaker lockdowns due to forced closure. As a result, $40.7 million in funding was set aside for $3,500 grants for all businesses holding a liquor licence and food certificate within Victoria. This is a continuation of past funds carried out throughout lockdown and provides an additional opportunity for businesses to access necessary funding.


• Targeted events support

$20 million has been earmarked as part of the package to support the events industry, which also remains closed during lockdown. This support is specifically for businesses that have incurred losses due to the circuit-breaker, and details are not yet released on the full extent of this support.


What businesses are eligible?

A select number of businesses that COVID-19 lockdowns have directly impacted will be eligible for the Circuit Breaker Business Support Package. Eligibility is determined by whether the business had been required to close, and remote work is not possible during circuit-breakers.


Companies that are eligible include:

  • Event suppliers
  • Accommodation providers, including hotels
  • Retailers that are considered non-essential
  • Restaurants, cafes and food-serving bars


What are the changes to the Circuit Breaker Business Support
Package from the 2nd of June?

Several changes and updates were announced on the 2nd of June 2021, following the confirmation of a longer circuit-break lockdown. These updates include an additional $209.3 million to support businesses, with the same grant application process in place as with the previous round. In addition, the application for all grants listed below has been extended to the 24th of June at 11.59 pm.


• Business Costs Assistance Program Round Two

The extension of the assistance program offers grants of $2,500 or $5,000 for eligible businesses, as listed above. Metropolitan companies in Melbourne will be eligible for the full $5,000 funding in practically every case. To apply, all you have to do is follow the same process as you did in round one.


• Licensed Hospitality Venue Fund increased grants

The Licensed Hospitality Venue Fund's renewed program increases grants to $7,000 per premises for metropolitan Melbourne businesses. As one of the most affected business areas, all hospitality businesses with liquor licences in place with the Victorian government will be contacted about the grant directly.


Are there any differences in eligibility?

A few minor changes in eligibility apply for the second round of support. First, regional businesses that have been directly impacted, such as theme parks and nightclubs, will now be eligible to claim for the extended payment. However, metropolitan businesses with eased restrictions from the 3rd of June 2021 will not qualify for this extended payment program.


How do I apply for support from the Victorian Government?

You can apply for any support and grants you're eligible for directly via the Business Victoria website. All the details you need are available online. For example, if you own a hospitality business with an eligible liquor licence, the Victoria Government may have already been in touch with you to provide you with an application for the Licensed Hospitality Venue Fund grant.


How do I keep up to date on grants and funds?

If you want to know the latest information and financial news for businesses in Melbourne and Victoria, 360 Accounting Services is the place to start. We're here to support businesses with our expert services to help them weather lockdowns, apply for relevant grants and more. Or you can visit the Business Victoria website directly for information on the latest changes to plans and programs.

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Bookkeeping Tips for Professional Services

By 360Accounting Services • December 9, 2025
New Title

Bookkeeping Tips for Digital Technology

By 360Accounting Services • December 2, 2025
In today's fast-paced digital world, managing your finances effectively is more crucial than ever. For businesses leveraging digital technology, streamlined bookkeeping is not just a good practice—it's essential for sustained growth and success. Here are some top bookkeeping tips tailored for the digital age. Embrace Cloud-Based Accounting Software One of the most significant advancements in bookkeeping is the rise of cloud-based accounting software. Platforms like Xero, QuickBooks Online, and MYOB offer numerous benefits: ● Accessibility: Access your financial data anytime, anywhere, from any device with an internet connection. This is perfect for remote teams or business owners on the go. ● Real-time Updates: Get a live view of your financial health, allowing for quick and informed decision-making. ● Automation: Automate routine tasks such as invoicing, expense tracking, and bank reconciliations, saving you time and reducing errors. ● Integration: Seamlessly integrate with other digital tools you use, such as CRM systems, e-commerce platforms, and payment gateways. Digitise and Automate Expense Tracking Say goodbye to shoeboxes full of receipts. Digital tools make expense tracking effortless: ● Receipt Scanning Apps: Use apps like Receipt Bank or Expensify to capture receipt images on the go. These apps can extract key information and categorise expenses automatically. ● Direct Bank Feeds: Link your business bank accounts and credit cards to your accounting software to automatically import transactions. This reduces manual data entry and ensures accuracy. ● Categorise Consistently: Establish clear expense categories and apply them consistently to gain accurate insights into your spending patterns. Regular Bank Reconciliations Even with automation, regular bank reconciliations are vital. This process involves comparing your accounting records with your bank statements to ensure everything matches up. ● Catch Errors Early: Identify discrepancies or errors promptly, preventing them from escalating into larger issues. ● Prevent Fraud: Regular checks can help detect unauthorised transactions. ● Maintain Accuracy: Ensure your financial statements are accurate and reliable for tax purposes and financial reporting. Utilise Digital Invoicing and Payment Systems Streamline your accounts receivable with digital solutions: ● Electronic Invoicing: Send professional invoices directly from your accounting software via email. This is faster and more eco-friendly than traditional paper invoices. ● Online Payment Gateways: Offer clients various online payment options (e.g., credit card, PayPal, Stripe) to facilitate quicker payments and improve cash flow. ● Automated Reminders: Set up automated reminders for overdue invoices to reduce the time spent chasing payments. Implement Strong Cybersecurity Measures With all your financial data stored digitally, cybersecurity is paramount: ● Strong Passwords and Two-Factor Authentication (2FA): Protect your accounting software and other financial platforms with robust security measures. ● Regular Backups: Ensure your data is regularly backed up to prevent loss in case of a system failure or cyberattack. ● Educate Your Team: Train your employees on best practices for data security and how to recognise phishing attempts. Seek Professional Advice While digital tools empower you to handle much of your bookkeeping, there are times when professional guidance is invaluable. ● Tax Planning: A qualified accountant can help you navigate complex tax laws and optimise your tax strategy. ● Financial Analysis: Gain deeper insights into your financial performance and identify areas for improvement. ● Compliance: Ensure your business remains compliant with all relevant financial regulations. By integrating these bookkeeping tips into your digital technology framework, you'll not only save time and reduce stress but also gain a clearer, more accurate picture of your business's financial health, paving the way for sustained success. For more information or assistance, feel free to contact us at 360 Accountinsg Services via email at enquiries@360accountingservices.com.au

When to Seek Professional Financial Advice

By 360Accounting Services • November 26, 2025
As a small business owner, managing your finances can be a complex task. While effective bookkeeping is essential for day-to-day operations, there are specific situations where seeking professional financial advice can provide significant benefits and help ensure your long-term success. Key Indicators It's Time to Consult an Advisor It's important to recognise when your financial situation warrants more than just accurate record-keeping. Here are some common scenarios that suggest it's time to reach out to a professional financial advisor: ● Significant Business Growth: When your business experiences rapid growth, your financial structure often needs to evolve to keep up. An advisor can help you navigate increased revenue, new investments, and scaling operations. ● Complex Tax Situations: If your business has diversified income streams, international operations, or other complex tax implications, a financial advisor specializing in tax planning can help you optimize your tax strategy and ensure compliance. ● Major Business Decisions: Contemplating a significant investment, expansion, acquisition, or sale of your business? These decisions have profound financial implications, and professional advice can help you assess risks and opportunities. ● Cash Flow Challenges: While bookkeeping tracks cash flow, an advisor can help identify underlying issues causing consistent cash flow problems and develop strategies to improve liquidity. ● Personal and Business Financial Blending: Small business owners often find their personal and business finances intertwined. An advisor can help separate these and create clear strategies for both. ● Retirement or Succession Planning: Planning for your eventual exit from the business, whether through retirement or selling, requires strategic financial foresight. An advisor can help create a robust succession plan. ● Unexpected Financial Changes: Market downturns, sudden operational changes, or unforeseen expenses can create financial uncertainty. A professional can help you navigate these challenges and adapt your financial strategy. ● Lack of Financial Knowledge: If you find yourself consistently unsure about financial terminology, investment strategies, or long-term financial planning, it's a clear sign that professional guidance would be beneficial. What a Financial Advisor Can Offer A financial advisor offers a range of services that go beyond the scope of traditional bookkeeping: ● Strategic Planning: Developing long-term financial goals and creating a roadmap to achieve them. ● Investment Guidance: Advising on suitable investment opportunities for your business's growth and stability. ● Risk Management: Identifying and mitigating financial risks that could impact your business. ● Tax Optimisation: Crafting strategies to minimize tax liabilities legally and effectively. ● Succession Planning: Preparing for the smooth transition of business ownership. ● Budgeting and Forecasting: Assisting with more advanced financial projections and budget development. Next Steps If you identify with any of the scenarios above, don't hesitate to seek professional financial advice. A consultation with a qualified advisor can provide clarity, peace of mind, and a stronger financial foundation for your business. For a personalised consultation, contact us at enquiries@360accountingservices.com.au
Show More

Bookkeeping Tips for Professional Services

By 360Accounting Services • December 9, 2025
New Title

Bookkeeping Tips for Digital Technology

By 360Accounting Services • December 2, 2025
In today's fast-paced digital world, managing your finances effectively is more crucial than ever. For businesses leveraging digital technology, streamlined bookkeeping is not just a good practice—it's essential for sustained growth and success. Here are some top bookkeeping tips tailored for the digital age. Embrace Cloud-Based Accounting Software One of the most significant advancements in bookkeeping is the rise of cloud-based accounting software. Platforms like Xero, QuickBooks Online, and MYOB offer numerous benefits: ● Accessibility: Access your financial data anytime, anywhere, from any device with an internet connection. This is perfect for remote teams or business owners on the go. ● Real-time Updates: Get a live view of your financial health, allowing for quick and informed decision-making. ● Automation: Automate routine tasks such as invoicing, expense tracking, and bank reconciliations, saving you time and reducing errors. ● Integration: Seamlessly integrate with other digital tools you use, such as CRM systems, e-commerce platforms, and payment gateways. Digitise and Automate Expense Tracking Say goodbye to shoeboxes full of receipts. Digital tools make expense tracking effortless: ● Receipt Scanning Apps: Use apps like Receipt Bank or Expensify to capture receipt images on the go. These apps can extract key information and categorise expenses automatically. ● Direct Bank Feeds: Link your business bank accounts and credit cards to your accounting software to automatically import transactions. This reduces manual data entry and ensures accuracy. ● Categorise Consistently: Establish clear expense categories and apply them consistently to gain accurate insights into your spending patterns. Regular Bank Reconciliations Even with automation, regular bank reconciliations are vital. This process involves comparing your accounting records with your bank statements to ensure everything matches up. ● Catch Errors Early: Identify discrepancies or errors promptly, preventing them from escalating into larger issues. ● Prevent Fraud: Regular checks can help detect unauthorised transactions. ● Maintain Accuracy: Ensure your financial statements are accurate and reliable for tax purposes and financial reporting. Utilise Digital Invoicing and Payment Systems Streamline your accounts receivable with digital solutions: ● Electronic Invoicing: Send professional invoices directly from your accounting software via email. This is faster and more eco-friendly than traditional paper invoices. ● Online Payment Gateways: Offer clients various online payment options (e.g., credit card, PayPal, Stripe) to facilitate quicker payments and improve cash flow. ● Automated Reminders: Set up automated reminders for overdue invoices to reduce the time spent chasing payments. Implement Strong Cybersecurity Measures With all your financial data stored digitally, cybersecurity is paramount: ● Strong Passwords and Two-Factor Authentication (2FA): Protect your accounting software and other financial platforms with robust security measures. ● Regular Backups: Ensure your data is regularly backed up to prevent loss in case of a system failure or cyberattack. ● Educate Your Team: Train your employees on best practices for data security and how to recognise phishing attempts. Seek Professional Advice While digital tools empower you to handle much of your bookkeeping, there are times when professional guidance is invaluable. ● Tax Planning: A qualified accountant can help you navigate complex tax laws and optimise your tax strategy. ● Financial Analysis: Gain deeper insights into your financial performance and identify areas for improvement. ● Compliance: Ensure your business remains compliant with all relevant financial regulations. By integrating these bookkeeping tips into your digital technology framework, you'll not only save time and reduce stress but also gain a clearer, more accurate picture of your business's financial health, paving the way for sustained success. For more information or assistance, feel free to contact us at 360 Accountinsg Services via email at enquiries@360accountingservices.com.au

When to Seek Professional Financial Advice

By 360Accounting Services • November 26, 2025
As a small business owner, managing your finances can be a complex task. While effective bookkeeping is essential for day-to-day operations, there are specific situations where seeking professional financial advice can provide significant benefits and help ensure your long-term success. Key Indicators It's Time to Consult an Advisor It's important to recognise when your financial situation warrants more than just accurate record-keeping. Here are some common scenarios that suggest it's time to reach out to a professional financial advisor: ● Significant Business Growth: When your business experiences rapid growth, your financial structure often needs to evolve to keep up. An advisor can help you navigate increased revenue, new investments, and scaling operations. ● Complex Tax Situations: If your business has diversified income streams, international operations, or other complex tax implications, a financial advisor specializing in tax planning can help you optimize your tax strategy and ensure compliance. ● Major Business Decisions: Contemplating a significant investment, expansion, acquisition, or sale of your business? These decisions have profound financial implications, and professional advice can help you assess risks and opportunities. ● Cash Flow Challenges: While bookkeeping tracks cash flow, an advisor can help identify underlying issues causing consistent cash flow problems and develop strategies to improve liquidity. ● Personal and Business Financial Blending: Small business owners often find their personal and business finances intertwined. An advisor can help separate these and create clear strategies for both. ● Retirement or Succession Planning: Planning for your eventual exit from the business, whether through retirement or selling, requires strategic financial foresight. An advisor can help create a robust succession plan. ● Unexpected Financial Changes: Market downturns, sudden operational changes, or unforeseen expenses can create financial uncertainty. A professional can help you navigate these challenges and adapt your financial strategy. ● Lack of Financial Knowledge: If you find yourself consistently unsure about financial terminology, investment strategies, or long-term financial planning, it's a clear sign that professional guidance would be beneficial. What a Financial Advisor Can Offer A financial advisor offers a range of services that go beyond the scope of traditional bookkeeping: ● Strategic Planning: Developing long-term financial goals and creating a roadmap to achieve them. ● Investment Guidance: Advising on suitable investment opportunities for your business's growth and stability. ● Risk Management: Identifying and mitigating financial risks that could impact your business. ● Tax Optimisation: Crafting strategies to minimize tax liabilities legally and effectively. ● Succession Planning: Preparing for the smooth transition of business ownership. ● Budgeting and Forecasting: Assisting with more advanced financial projections and budget development. Next Steps If you identify with any of the scenarios above, don't hesitate to seek professional financial advice. A consultation with a qualified advisor can provide clarity, peace of mind, and a stronger financial foundation for your business. For a personalised consultation, contact us at enquiries@360accountingservices.com.au