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The NSW and Federal Governments have just announced further support for businesses and individuals affected by the latest lockdown.
There are three measures of support at this stage:
- NSW Business Grants;
- Cash Flow Boost For Businesses; and
- National Disaster Payment Scheme Expansion and Co-Funded For Individuals.
NSW Business Grants
NSW businesses with up to $10,000,000 in wages can claim grants between $7,500 and $15,000 to cover the first three weeks of restrictions.
Micro businesses with turnover between $30,000 and $75,000 who suffer a 30% decline in turnover will be eligible for a $1,500 payment per fortnight of restrictions.
Payroll tax waivers of 25% for businesses with wages between $1.2m and $10m that have suffered a 30% decline in turnover, together with payroll tax deferrals and interest free repayment plans.
To assist these measures, the Commonwealth will make the NSW small business grants tax exempt.
Cash Flow Boost For Businesses
The NSW and Federal Governments will co-fund a cash flow boost scheme from week four of lockdown.
Businesses and non-profits that have annual turnover between $75,000 and $50,000,000 and who suffered a turnover decline by 30% than an equivalent two week period in 2019 will be eligible to receive 40% of their NSW payroll payments, at a minimum of $1,500 and a maximum of $10,000 per week.
To receive the payment, these entities will need to maintain full-time, part-time and long-term casual staffing levels as of 13 July 2021.
Non-employing businesses such as sole traders, the payment will be $1,000 per week.
Businesses can register their interest as of 14 July 2021.
National Disaster Payments For Individuals
The national disaster payment scheme has been expanded. From today, a person who has lost more than 8 hours of work per week can access the payment.
Hours lost Disaster payment amount
*Less than 20 hours work but more than 8 hours $375 per week (was $325)
*20 hours or more of work $600 per week (was $500)
Don't Delay!
To help avoid delays in completing your application for NSW Government support:- ensure your business and contact details are up-to-date with the Australian Business Register (ABR);
- ensure your personal, contact and business details are up-to-date in your MyServiceNSW Account and your business profile
- if you don't have one, create a MyServiceNSW Account and business profile.
Tribel is here to help
Please be assured that Tribel Accountants and Business Advisors is committed to keep its clients and others who require assistance informed of any developments. In addition, we will be available to assess you and/or your business in determining eligibility for any government grants and support.
In the meantime, if you have any questions, please feel free to contact the Tribel team.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
