Got a small business and need to bring on new staff to help you expand?
Most small business owners will tell you that one of the biggest costs to their business is hiring new staff.
With more than 650,000 small businesses driving the economy, the NSW Small Business Grant is designed to help small businesses that do not pay payroll tax to employ new full-time, part-time or casual staff.
However, as many small business owners know, applying for business grants can be a time-consuming process and it's not always a straightforward process. Working with your accountant can make the process easier and increase your likely chance of success.
The NSW Small Business Grant is targeted towards small businesses who want to increase their full-time equivalent staff to grow their business. As a one-off payment, the grant offers $2000 per full-time employee (subject to eligibility).
To be eligible for the grant, your business:
- Must have an active Australian Business Number (ABN)
- Must not currently be liable to pay payroll tax for a financial year (or any part of the financial year that falls into the grant period)
- Have a new position in NSW and the position is filled in on or after 1 July 2015 and before 1 July 2019
- This new position/employment increase the number of your NSW FTE employees and this increase is maintained over a 12-month period
- The grant may be rejected if your NSW FTE employees decrease for more than 30 days during the 12-months period.
There are a number of exclusions for the grant so it is best to speak to your accountant or business consultant about the composition of your current staff, detailed eligibility requirements and any exclusions you should be aware of.
Bates Cosgrave strongly recommends that small business owners talk to their advisory team before applying for the grant to ensure that your business meet the eligibility criteria and have all the appropriate documentation in place.
In our experience, working with an experienced consultant can increase both the likelihood and the financial benefits to the business.
Alternatively, you can claim the grant through the small business online grant application form within 60 days after the first anniversary of your staff's employment period. You will need to provide supporting evidence of your staff (wages and personnel records), Workcover records and BAS.
For more information, please contact us on 02 9957 4033 to discuss your eligibility.
Download PDF version: NSW Small Business Grant
Last updated July 2016. This factsheet is provided for information purposes only and is correct at the time of publishing. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.