The NSW Government has announced further information regarding the business and individual support packages for those who have been financially affected by the impacts of Covid-19. Read on below for a summary of the current information available.
Business Support Grants
Read on below to see the latest information on Business Support grants which are currently available.
Covid-19 Micro-Business Grant:
Eligibility:
Client must have turnover between $30,000 and $75,000
Must prove decline in turnover (possibly using same turnover calculation as COVID-10 Business Support Grant, not confirmed yet)
Remuneration:
$1,500 payments each fortnight
Applications open from 19th July 2021.
More information can be found on the Service NSW website
Covid-19 Business Grant: Eligibility:
Turnover greater than $75,000 during the 2020 financial year
Australian wages below $10 million
Have an ABN registered in NSW or located and primarily operating in NSW
Remuneration:
$7,500 for a decline of 30% or more
$10,500 for a decline of 50% or more
$15,000 for a decline of 70% or more.
Decline in turnover is tested against an equivalent two-week period in 2019, 2020 or the two-week period immediately prior to the Greater Sydney lockdown (11 June to 25 June 2021), with applications open from 19th July 2021.
More information can be found on the Service NSW website
JobSaver Payments: Eligibility:
Eligible NSW businesses with turnover between $75,000 and $250 million
Decline in turnover of a minimum of 30% when compared with an equivalent two-week period in 2019, 2020 or the two-week period immediately before the Greater Sydney lockdown (11 June to 25 June 2021)
Staff count must be maintained from levels of full time, part time and long-term casuals as at 13 July 2021
Eligibility testing is weekly to ensure staff count does not decrease. Available from 13 July 2021.
Payment Information:
Sole traders: $1,000 paid weekly
All other eligible entities: 40% of payroll expenses paid weekly (with a minimum payment of $1,500 and $100,000 maximum)
More information can be found on the Service NSW website .
NSW Payroll Tax Concessions: Eligibility:
NSW payroll concessions for businesses with 30% decline in turnover
Must have grouped Australian wages between $1.2m and $10m
Remuneration:
25% payroll tax waiver
Payment deferrals and/or interest-free repayments
Available through: www.revenue.nsw.gov.au
Accountant's Note on the Above-Mentioned Business Grants
Whilst these announcements have been made to the media, eligibility and conditions on support measures are conditional upon being approved and signed into legislation by the respective governments. Beda will continue to monitor the eligibility for these payments for its clients and update clients as more information becomes available.
For business grants, the government has signalled applications will be complete through Service NSW. We recommend that our clients proactively create a Service NSW account and update all information to streamline the application and payment of funds.
Individual Support Grant
Read on below to see the latest information on the Individual Support grant which is currently available.
COVID-19 Disaster Payment: Eligibility:
You can’t attend work and lost income after the first week of lockdowns
You don’t have access to appropriate paid leave entitlements through your employer
You are not getting an income support payment, ABSTUDY Living Allowance, Dad and Partner Pay or Parental Leave Pay
You are not getting a state or territory pandemic payment, Pandemic Leave Disaster payment or State small business payment for the same period (assuming State small business payment is the COVID-19 business support grants)
Remuneration:
Weekly Payments of:
Between 8 and 20 hours of work lost - $375
20 hours or more lost - $600
Previously this was liquid asset means tested, however, the government has signaled that the
test will be waved. We will advise clients when more information is released. Click here for further information.
Further information regarding business and individual Covid-19 support announced at the press conference held on Tuesday, 13th of July can be found by clicking here
To make an enquiry or for any further information, please contact our office on 02 4340 2415 or via email - office@beda.com.au