From next week a new small and medium business support payment to be implemented and administered by Service NSW will be available. This payment is in addition to the already announced NSW business support grant announced in June.
Eligible entities will receive 40 per cent of their NSW payroll payments, at a minimum of $1,500 and a maximum of $10,000 per week.
The new small to medium business support payment will be available to non-employing and employing entities in NSW, including not for profits, with an annual turnover between $75,000 and $50 million.
To receive the payment, a business must:
- demonstrate a reduction in turnover by 30 per cent compared to an equivalent two-week period in 2019; and
- maintain their full time, part time and long-term casual staffing level as of 13 July 2021.
For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week.
Businesses can register their interest from 14 July 2021 at Service NSW website.
The assistance will cease when current lockdown restrictions are eased.
Other announcements
The NSW business support grant announced last month is to be expanded. The maximum NSW businesses can now claim has been increased to:
- $7,500 (increased from $5,000) for a decline of 30% or more
- $10,500 (increased from $7,500) for a decline of 50% or more
- $15,000 (increased from $10,000) for a decline of 70% or more.
A new grants program for micro businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30%. Businesses will be eligible for a $1500 payment per fortnight during the current lockdown restrictions.
Payroll tax waivers of 25% is available for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans
Complementing the grants scheme, the Commonwealth will also provide additional support through the tax system, by making NSW small business grants, including the new small business payments, tax exempt.
If you have any questions in relation to any Government support payments please contact us at Calibre Business Advisory. We can assist you in evaluating available support payments and grants for your business and assist with any applications. If you have any questions, do not hesitate to contact us on 0292612177.