Financial incentives offered under the Latrobe Valley Economic Growth Zone aim to create a better business environment for the Latrobe Valley, making it easier, faster and less costly to do business.
Financial incentives are available for new and expanding businesses, including reimbursement of a range of state and local government fees and charges and reimbursement on commercial property transactions.
Land transfer duty reimbursement
The Latrobe Valley Authority will reimburse land transfer duty on property purchases made by new or expanding commercial and industrial businesses in the Latrobe Valley, Baw Baw and Wellington council areas.
Eligible businesses are expected to remain in the region for an extended period of time, supporting economic activity in the Latrobe Valley not just now, but for years to come. To obtain the reimbursement, businesses must demonstrate:
- The property is located within the Latrobe Valley, Baw Baw or Wellington Council areas, is for commercial or industrial purposes and is to be used as an input to every day, ongoing operations.
- The business has formed within 12 months of the property purchase.
- New jobs will be created and regional productivity and competitiveness increased.
- The contract of purchase for the property must have been entered into after 4 November 2016.
Where a new business is being established, half of the stamp duty cost will be reimbursed up front, following payment to the State Revenue Office. The other half will be paid after six months, assuming the property is still held by the new business. In the event the property has been on sold within six months, the first instalment of the reimbursement is to be returned to the Latrobe Valley Authority.
Fees and charges reimbursements
The Latrobe Valley Authority will reimburse fees and charges incurred by businesses establishing or expanding their operations in the Latrobe Valley, Baw Baw and Wellington council areas.
Reimbursements are available for government fees and charges incurred in establishing or expanding a business. Fees and charges that will be reimbursed include planning application fees, licensing application fees, permit charges and environmental approval fees. To obtain the reimbursement, the fee or charge must:
- Relate to business activity located within the Latrobe Valley, Baw Baw, or Wellington Council areas.
- Have been paid by a business to either the Latrobe City, Baw Baw or Wellington Councils, or a Victorian Government agency.
- Be on the list of fees and charges that are eligible for reimbursement or be approved on a case-by-case basis by the Latrobe Valley Authority (with some specific exclusions such as gaming costs and WorkSafe premiums).
- Have been incurred on or after 4 November 2016.
- Ongoing fees and charges are not eligible for reimbursement.
To find out more about how to access financial incentives available to your business, contact the Latrobe Valley Authority on 1800 136 762 or pop in and see us at 131 Princes Drive, Morwell.