Support available to NSW Businesses

By the leaders at PKF Sydney & Newcastle

31/06/2021

As we enter a new period of restrictions and disruption, staying in touch with each other is paramount to ensuring we all receive the support we need. Whether that be financial, business or people related. 

Financial assistance

The New South Wales (NSW) Government have announced a new support package to help small businesses and people across NSW impacted by the current COVID-19 restrictions.

Grants – Most importantly for many small business owners, there are grants available of between $5,000 and $10,000. Proving eligibility and applying for a grant is not always a simple process especially as much of the information you need to apply is not yet available. Your PKF Adviser can help you to navigate this process and confirm your eligibility status in order to get the best outcome.

Three different grant amounts will be available for small businesses depending on the decline in turnover experienced during the restrictions:

  • $10,000 for a 70%decline;
  • $7,000 for a 50%; and
  • $5,000 for a 30% decline.

The new grants are available across NSW.

Businesses will be able to apply for the grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on 26 June 2021.

The Government will issue further guidance on the eligibility criteria in the coming days through the Service NSW website, however the government has confirmed that the grants will be divided into two streams:

1. Small Business COVID-19 Support Grant. Available to businesses and sole traders with:

    • a turnover of more than $75,000 per annum but below the NSW 2020/21 payroll tax threshold of $1,200,000 as at 1 July 2020;
    • fewer than 20 full time equivalent employees; and
    • an Australian Business Number (ABN) registered in NSW or be able to demonstrate they are physically located and primarily operating in NSW. 

2. Hospitality and Tourism COVID-19 Support Grant. Available to tourism or hospitality businesses that have:

    • a turnover of more than $75,000 and an annual Australian wages bill of below $10 million, as at 1 July 2020; and
    • an Australian Business Number (ABN) registered in NSW or be able to demonstrate they are physically located and primarily operating in NSW.

Further support offered includes:

    • Payroll tax deferrals: All employers are able to apply for an optional deferral of payroll tax payments due in July 2021. The Chief Commissioner of State Revenue is able to provide for appropriate repayment arrangements on a case by case basis.
    • Deferral of Hotel June quarter Gaming Machine Tax: An optional deferral of hotel June quarter gaming machine tax due in July 2021 is available. The Chief Commissioner of State Revenue is able to provide for appropriate repayment arrangements on a case by case basis.
    • Dine & Discover: The voucher program has been extended to 31 August and now includes takeaway delivered directly to a home by a venue itself (this does not allow third parties such as Uber Eats, Deliveroo, Door Dash, etc to be engaged).
    • JobMaker: The JobMaker hiring credit is set at $200 per week for each ‘eligible employee’ aged 16 to 29 and $100 per week for each eligible employee aged 30 to 35. Employers and employees need to meet the key criteria, set out by the government, in order to access this support. View the criteria here.