COVID-19 Support Package Updates

NEW SOUTH WALES 

With restrictions tightening, the NSW Government has announced a series of support packages to aid businesses dealing with the fallout from the current lockdown. 

With a focus on keeping workers in jobs and supporting cashflows, this package will provide much needed assistance to NSW businesses.

Business Grants

A one-off, tax-free, cashflow support payment for businesses for the first 3 weeks of lockdown of between $7,500 and $15,000. 

To be eligible businesses must: 

  • show a decline in turnover of 30% or more 
  • have an annual turnover above $75,000 
  • have payroll of less than $10 million 

– Applications open now.

JobSaver 

A similar program to JobKeeper, the NSW JobSaver program provides businesses with fortnightly payments made to help maintain employee headcount (as at 13 July). 

The payments for employing businesses will be based on 40% of the weekly payroll with a minimum payment of $1,500 per week and a maximum of $10,000. 

Non employing businesses will receive $1,000 per week. 

To be eligible businesses must: 

  • show a decline in turnover of 30% or more 
  • have an annual turnover of between $75,000 and $50 million 

– Applications for these payments are expected to open in late July. 

Micro Business Grants 

For businesses who are ineligible for the Business Grants above on the basis of turnover, applications can be made for the Micro Business Grants which will provide a fortnightly payment of $1,500. 

To be eligible businesses must: 

  • show a decline in turnover of 30% or more 
  • have an annual turnover of between $30,000 and $75,000 
  • be the primary source of income for a person associated with the business. 

– Applications for these payments are expected to open in late July. 

In addition to these grants and payments, the NSW government is offering the following support: 

  • Payroll tax payment deferrals through to 7 October 2022 for payments due on 7 August 2021 and 7 September 2021. 
  • 25% reduction in 2021-22 payroll tax where there is a 30% decline in turnover. This only applies to businesses with Australian wages up to $10 million. 
  • Gaming Machine Tax deferrals for Hotels for the June and September quarter until 21 Jan 2022  
  • Gaming Machine Tax deferrals for Clubs for the August quarter until 21 December 2020

If you are one of our NSW clients and need help understanding your eligibility for the above support grants, or would like assistance in applying, we are here to help. Please get in touch with your adviser so we can start the process as soon as possible. 

 VICTORIA 

Business Support Extension for VIC Businesses 

A $200 million top-up to the Licensed Hospitality Venue Fund and Business Costs Assistance Program business support grants (released in June) have been announced.

The July 2021 Top-Up Payment provides additional support to eligible small to medium businesses in sectors affected by the current restrictions in metropolitan and regional Victoria.

Successful recipients of the Business Costs Assistance Program in June will receive an additional $2,000, and successful recipients of the Licensed Hospitality Venue Fund will receive an additional $3,000.

– These payments will be processed automatically this month, in a bid to urge businesses to remain closed for the duration of the now extended snap lockdown. 

NB: Businesses that did not receive these payments previously are ineligible.

To find out more detail specific to your business, please contact your adviser and we will do all we can to assist, or alternatively visit the Business Victoria site to find out more.