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$10,000 business support package for NSW Business

June 2021


The NSW Government will offer payments of up to $10,000 to eligible businesses that experience turnover reductions due to the latest COVID lockdown, in addition to deferral of some payroll tax and gaming tax.

The NSW Treasurer, Dominic Perrottet, has announced financial support for businesses that have seen their revenue fall as a result of the COVID lockdown. 

The Small Business COVID-19 Support Grant is targeted to businesses and sole traders with a turnover of more than $75,000 but below the NSW government 2020–21 payroll tax threshold of $1,200,000 as at 1 July 2020. The Deputy Premier, John Barilaro, confirmed that the new grants would be available across NSW. 

Businesses that have seen their revenue decline by 70% across a minimum two-week period, starting from June 26 and compared to an equivalent period in 2019, will receive $10,000.

Please note that further details around thresholds and eligibility will be available via Service NSW in the coming days and the information below is still to be confirmed. 

Who is eligible?

Businesses with fewer than 20 full-time employees and payroll up to $1.2 million may be eligible for the support payment of up to $10,000. Businesses in tourism, hospitality, and accommodation sectors with payrolls of up to $10 million are also eligible.

How much support can you access?

Businesses will need to demonstrate a reduction in turnover to receive the payments as follows:

Income Reduction

Payment

More than 70%

$10,000

50-70%

$7,000

30%

$5,000

Deferrals of Payroll and Gaming Tax Until August

Hotel operators have been offered a deferral of payroll and gaming tax liabilities until August.

What other support is there for NSW businesses?

NSW's support package will be offered in addition to the Federal Government's COVID-19 disaster payment, which Prime Minister Scott Morrison said will be available to affected workers from 1 July 2021.

Workers who are not able to to perform their usual duties due to lockdown will be eligible for $500 per week if they usually work more than 20 hours per week. Those who work less than 20 hours per week will receive $325 per week until restrictions ease.

Who is eligible for the support payments?

Eligible workers include Australian citizens, residents and visa holders who have permission to work in Australia and are aged 17 years and older.

Are these payments taxable?

Please speak to your accountant to understand the tax implications of any support that is available to businesses and individuals.  

Where can you get more information?

Contact us on 02 9957 4033 for more information about these payments.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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