Grants have now been made available to businesses in NSW to help ease the financial hardships suffered due to the recent lockdown.
NSW Small Business Support Grant
The Small Business COVID-19 Support Grant is available to businesses impacted by the Greater Sydney lockdown. The grants can be used to fund expenses such as rent, wages and utilities. Available grant amounts depend on your business decline in turnover during the lockdown period.
$5,000 grant for a decline of 30% or more
$7,000 grant for a decline of 50% or more
$10,000 grant for a decline of 70% of more
Eligible recipients must be:
small business or sole traders with a turnover of more than $75,000, and
fewer than 20 full time equivalent employees, and
have a wage bill that is below the NSW 2020-21 payroll tax threshold of $1.2 million at 1 July 2020, and
have an ABN registered in NSW or be able to demonstrate they are physically located and primarily operating in NSW
GrowthMD impacted clients will be able to discuss applying for this grant, proving the decline in turnover and the accountant’s support required with us over the coming weeks.
Book with your adviser here: https://calendly.com/growthmd
Applications for the grants will be open from late July.
NSW Small Business Fees and Charges Rebate
Sole traders, owners of small businesses, and not for profits in NSW may be eligible for the small business fees and charges rebate of $1,500.
Eligible recipients must be:
small businesses, sole traders or non-for-profit organisations
have an ABN registered in NSW or have business premises physically registered and operating in NSW
One $1,500 rebate is available for each eligible ABN. Eligible expenses include various government fees and licenses, most notably including council rates. The rebate can be submitted online.
More details here: Small business fee and rebate grant
Federal COVID-19 Disaster Payment (Currently available in VIC and NSW)
The Federal Government COVID-19 Disaster Payment is a one-off cash payment provided to workers who have been impacted in each period of lockdown.
If you have lost less than 20 hours of work, you can apply to receive $325
If you lost 20 hours or more of work, you can apply to receive $500.
The payment is only accessible if the lockdown which impacts the worker extends for more than 7 days and the worker’s location is a declared Commonwealth Hotspot. A liquid assets test applies if the lockdown is less than 21 days.
Applications can be made by MyGov or Centrelink online.
NSW payroll tax deferral for COVID-19 affected businesses Revenue NSW has announced that businesses affected by COVID-19 will be able to defer July payroll tax liabilities until August 2021.
The 2021 annual reconciliation lodgment and payment due date has been extended to 30 August 2021. However, the due date for the July 2021 monthly return of 9 August remains unchanged.
We are here to help you
If you have questions regarding your business and eligibility for the grants please contact your GrowthMD accountant as soon as possible to discuss the help available to you.