New Covid Grants for NSW Businesses

Just when we thought Australia was leading the way in covid containment, small outbreaks have sent NSW back into a snap lockdown from 25th June.

To help businesses and individuals get through this lockdown the NSW government have proposed the following grants, all of which are still evolving day to day.

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Small Business Covid-19 Support Grant

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This grant is the primary centerpiece of the new round of financial aid and is directed at small businesses in any industry effected by the snap lockdown throughout NSW.

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The current criteria for this grant as at 10-July-2021 (Which is bound to evolve) is as follows:

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• Must have annual turnover of between $75,000 and $1,200,000
• Can be any business structure such as sole trader, company, trust etc.
• Must have an ABN registered in NSW or be able to prove that principle place of business is in NSW
• Must have under 20 full time employees
• All the above should apply at 1st July 2021

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If a business meets the above criteria they will be eligible for the following payments:

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• $10,000 - If turnover declined by 70%
• $7,000 - If turnover declined by 50%
• $5,000 - If turnover declined by 30%
• Decline in turnover must be demonstrated over at least a 2 week period starting after 26-June-2021

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Hospitality and Tourism Covid-19 Support Grant

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The current criteria for this grant as at 10-July-2021 (Which is bound to evolve) is as follows:

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• Must have annual turnover of over $75,000
• Must have annual payroll of below $10 million
• Can be any business structure such as sole trader, company, trust etc.
• Must have an ABN registered in NSW or be able to prove that principle place of business is in NSW
• All the above should apply at 1st July 2021

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If a business meets the above criteria they will be eligible for the following payments:

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• $10,000 - If turnover declined by 70%
• $7,000 - If turnover declined by 50%
• $5,000 - If turnover declined by 30%
• Decline in turnover must be demonstrated over at least a 2 week period starting after 26-June-2021

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Secondary Covid Benefits for NSW Businesses

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• Dine and Discover vouchers will be redeemable until 31st August 2021
• Dine and Discover vouchers can be used for takeaway during the lockdown period (When ordering directly from the restaurant, not Uber eats etc.)
• Option for businesses to defer payroll tax payments due in July
• Option for hotels to defer gaming tax for the June quarter

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CTK Accounting | Business Accountants

If you need clarity on your business tax obligations throughout Covid and beyond, contact CTK Accounting through our contact page.

CTK Accounting is a full scope accounting firm based in Wollongong and servicing clients digitally throughout Australia.