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The federal and state governments have jointly announced new support measures for New South Wales in the midst of the current pandemic situation in Greater Sydney.
Both the federal and state governments will now jointly fund a new Small and Medium Business Support Payment for eligible businesses in New South Wales. In addition to this, previously announced grants have have also been expanded and some additional support measures have also been introduced.
Below is a summary of the different types of supports that are available to businesses and how you are able to access them.
It’s important to note that some of these grants may require an “Accountants Letter” to confirm a decrease in revenue, contact your CIB Advisor for assistance.
Small and Medium Business Support Payments
Eligibility
- Your turnover is 30 percent lower than an equivalent two-week period in 2019
- You annual turnover is between $75,000 and $250 million
- Full time, part time and long-term casual staffing level have been maintained as of 13 July 2021
Payment Amount
- Eligible entities will receive 40% of their NSW payroll payments, at a minimum of $1,500 and a maximum of $100,000 per week
- For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week
Next Steps
- Register your expression of interest on the Service NSW website so that you are notified when available
- Consult with your adviser in regards to the various eligibility requirements including decline in turnover calculations.
- Apply via the Service NSW website from 26 July – your business will need a MyServiceNSW Account and business profile setup if it doesn’t already.
NSW Government’s Small Business Grants
The NSW Government has extended and expanded the previously announced grants program with grants between $7,500 and $15,000 available to eligible businesses with annual Australian wages up to $10 million.
Available Grants Include:
- Small Business COVID-19 Support Grant
- Hospitality and Tourism COVID-19 Support Grant*
The NSW Government has also announced a Micro Business Grant of $1,500 per fortnight for eligible businesses with turnover between $30,000 and $75,000.
*This grant may be made redundant – more details to come once further announcements have been made
Next Steps
- Consult with your adviser in regards to the various eligibility requirements including decline in turnover calculations.
- Apply via the Service NSW website from 19 July (Small Business COIVD-19 Support Grant) or 26 July (Micro Business Grant).
COVID-19 Disaster Payment
Eligibility
The Federal Government has expanded the existing COVID-19 Disaster Payment support available to individuals living in a declared COVID-19 hotspot.
Some eligibility requirements include:
- Australian resident or working visa
- 17 years or older
- Not in receipt of certain support payments
- Live in, work from or visited a Commonwealth COVID-19 hotspot
- The requirement to have liquid assets of <$10,000 will not apply
As at 13 July 2021, the Commonwealth declared COVID-19 hotspot covers Greater Sydney, Blue Mountains, Central Coast and Wollongong.
From 18 July the expanded COVID-19 Disaster Payment will be available across all of NSW for those individuals that meet the eligibility criteria.
Payment Amounts
From week 4 of the lockdown, the following weekly payments can be claimed by individuals who have lost more than 8 hours or a full day of work in a week:
- lost 20 hours or more $600 (previously $500)
- lost between 8 and 20 hours $375 (previously $325)
Payments will continue whilst the hotspot and lockdown restriction continue without the need to reapply every 7 days.
Commonwealth Business Tax Relief
Additional Commonwealth tax relief was also announced:
- NSW small business grants will be tax exempt
- Administrative relief will be provided to NSW taxpayers facing hardship. This includes reduced payment plans, no interest charged on late payments and varying instalments on request.
Next Steps
- Speak to your adviser if you’re experiencing difficulties in paying your tax debts or upcoming tax liabilities. We can assist you with setting up payment plans with the ATO and/or varying tax installments.
Payroll Tax Deferral and Relief
Eligibility
- All businesses paying payroll tax in NSW will be able to defer their payroll tax payments until 7 October 2021
- Businesses with annual payrolls between $1.2m and $10m may be eligible for a payroll tax relief of 25% of the business’ annual liability.
Next Steps
- Prepare your 2020/21 payroll tax annual reconciliation and July and August monthly payroll tax calculations as early as possible so you can start planning your cashflow
Landlord Support
- Land Tax relief of up to 100% of the land tax liability will be available to residential and commercial landlords that pay land tax and reduce rents for their tenants.
- For residential landlords that reduce their tenant’s rent and not liable to land tax, a grant of up to $1,500 may be available on application if qualifying criteria are met.
Next Steps
- More details will be available once released by the NSW Government
- It’s expected that applications will be made through Revenue NSW once available
Tenant Eviction Moratorium
- Residential tenants who have lost 25% or more of their income due to COVID-19 will have a moratorium on eviction for 60 days.
- Specific criteria for eligibility and details of how this measure will apply are expected to be released shortly, with NSW legislation to follow.
Next Steps
- Discuss with your landlord if you are having difficulty paying rent
- More details will be available once released by the NSW Government.
Mental Health Support
The Federal and NSW governments will provide an additional $17.35m to support mental health programmes in NSW targeted through existing providers
Next Steps
- If you need extra support during this time, please contact one of the recommended NSW Health support lines
