Latrobe Valley Economic Growth Zone Incentive Fund

John Groen — Tue, 07 Mar 2017 01:04:35 GMT

The Victorian Government has established a $50 million Latrobe Valley Economic Growth Zone Incentive Fund (‘the Fund’) to make it easier, faster and less costly to do business in the Latrobe Valley.

As part of this Fund, financial incentives are available for reimbursements of state and local government fees and charges associated with starting a new business or expanding an existing one. Reimbursements may apply to the following fees and changes:

· planning application fees, licensing application fees, permit charges and environmental approval fees; and

· stamp duties for commercial property transactions associated with new business starts or expansion of existing activity.

These incentives will help local businesses in the Latrobe Valley Region by removing some of the financial barriers to set up and expansion. It will also make doing business in the Latrobe Valley more attractive, creating new jobs in the process.

Supported projects will need to demonstrate improvements to productivity, enhancement of the long-term competitiveness of the Latrobe Valley, and improvement to the conditions that will attract businesses and visitors to the area.

Description and Objectives of the Fund

The Fund accommodates three types of transactions:

·         Land transfer duty reimbursement made to the State Revenue Office

·         Fees and charges reimbursements made to State Government

·         Fees and charges reimbursements made to Local Government

The objectives of the fund are:

· to create a better business environment for the Latrobe Valley; and

· to make it easier, faster and less costly to establish or expand businesses in the Latrobe Valley

Who Can Apply

For the purposes of this guideline, a business is defined as a registered entity with an Australian Business Number (ABN). Registered businesses can apply for all three payment types available under the fund. Not for profit organisations, community groups or individuals are not eligible for assistance under this fund.

Eligibility

For the purpose of this guideline, an eligible business is one that is establishing a new commercial or industrial business or expanding an existing one within the Latrobe Valley Region that can demonstrate a capacity to create new jobs and improve the productivity and long term competitiveness of the region and has incurred land transfer duties or other Victorian or Local Government fees and charges in the process of establishing the new business activity.

Application Process

Please contact the LVA to discuss your business proposal and its alignment with the aims of the Fund before making application. There are five steps to the application process:

1.    Discuss your application with LVA staff who will advise you applicants of the eligibility of your proposal and the requirements for supporting evidence

2.    You Applicants lodge an on- line application with the LVA accompanied by with supporting evidence

3.    The LVA will consult with Regional Development Victoria (RDV) and undertake standard business checks to determine the viability of your business proposal

4.    The LVA will assess the application against the Fund guidelines, and may request an interview with you the applicant to confirm supporting evidence.

5.   If Successful, applicants you will be notified and will be asked to enter an agreement with the LVA.

For more information, contact the Latrobe Valley Authority.

Website: lva.vic.gov.au

Address: 131 Princes Drive, Morwell VIC 3840

Phone: 1800 136 762

Traralgon Chamber of Commerce & Industry Inc. News

Latrobe Valley Economic Growth Zone Incentive Fund