The NSW and Federal Government have announced additional financial support for businesses in NSW impacted by the current restrictions and stay-at-home orders.
NSW business grants
Businesses impacted by may be able to apply for a grant of up to $15,000 through Service NSW from 19 July, 2021. The grant can be used for business expenses such as rent, utilities and wages. This is available for businesses and sole traders with a turnover of more than $75,000 pa. The grant is based on decline in turnover, as follows:
Full eligibility criteria will be available shortly through the Service NSW website.
Saving Jobs support program
This is a direct payment to eligible businesses with an annual turnover between $75,000 and $50 million, who can demonstrate a 30% decline in turnover with an equivalent 2 week period in 2019. Eligible entities are required to maintain their full-time, part-time and long-term casual staff as of 13 July 2021 and will receive payments equal to 40% of their payroll with a minimum of $1,500 and a maximum of $10,000 per week.
Non-employing businesses, such as sole traders, can receive a set payment of $1,000 per week.
Please visit the Service NSW link to register interest for the grants and support available:
As a business owner, there are many obligations that you need to consider. We have outlined below these action points to assist you.
Single Touch Payroll
With the end of the financial year fast approaching, it is important to review your tax position.
Tax planning will provide a clearer picture of your situation and allow you time to consider and implement strategies to assist in minimising your tax.
It should be noted that preparing interim financial statements and projections will also give you an insight as to where your business is currently placed and allows you to implement measures to assist with tax planning strategies prior to 30th June, 2021.
If you would like to review this, then please contact our office.