Stimulus Updates

The NSW Government are providing financial assistance, support measures and tax relief to help businesses and people across the state impacted by the current COVID-19 restrictions. Currently, there are three business support grants available. These include: COVID-19 Business Grants Jobsaver Payment 2021 COVID-19 Micro Business Grant COVID-19 Business Grants. This is a one-off payment to help businesses with cashflow support for the first 3 weeks of lockdown. It is available to all business with turnover greater than $75,000, and who have experienced a 30% plus decline in revenue. Depending on your decline in turnover, you can expect to receive $7,500 to $15,000. Please visit: https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant Jobsaver Payment. This is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. It is available to all business with turnover between $75,000 - $250 million, and who have experienced a 30% plus decline in revenue. What you can expect to receive varies greatly depending on several factors. Please visit: https://www.service.nsw.gov.au/transaction/jobsaver-payment 2021 Covid 19 Micro Business Grant – This is a fortnightly payment for businesses with a turnover between $30,000 and $75,000. Eligible businesses can receive $1,500 per fortnight. Please visit: https://www.service.nsw.gov.au/transaction/2021-covid-19-micro-business-grant Please note that each of these packages has different eligibility criteria, 'decline in turnover tests', and slightly different dates where the decline in turnover can be experienced. These details are subject to change, which is why we're advising you to visit the sites directly, for the most up to date information. To apply for any of these grants, please follow the relevant links above. The applications need to be made through your Services NSW account. Whilst the website says that accountants can apply on your behalf, there are a number of road blocks to allowing us to do so. To avoid any delays in your application, we're advising all clients to create their Services NSW accounts and submit the application themselves. However, there are still ways we can help you. Once you have reviewed the grant options and determined which criteria you believe you qualify for, please get in touch. BUSINESS TAX RELIEF Other measures to support NSW businesses during this time, include: Payroll tax deferrals Payroll tax deduction Gaming Machine tax deferrals INDIVIDUALS & HOUSEHOLDS Help is available for people who have lost their job or cannot pay their rent, and for homeowners struggling with their mortgage repayments. There are several forms of support, including Services Australia: COVID-19 Disaster Payment. Please visit this page to review all the support options available to you: LANDLORDS & TENANTS Eligible tenants will be protected from eviction if they have been financially impacted by COVID-19. Concessions will be available to landlords who pass on rent reductions to their tenants. Please visit this page to review the information. As we learn more information from the NSW and Federal Governments, we will do our best to keep you informed about the updates and what they mean to you. If you are struggling to make sense of what support is available to you and your organisation, then do reach out to us for help. Stay safe, The Wrights Chartered Accountants Team