Covid-19 Grants for Business
The Federal Government and NSW Government have announced major Covid-19 support available to business – Business Grants, Micro Business Grants and JobSaver.
The full details of business grants are available, and applications are open from 19 July 2021. For JobSaver and Micro business grants, the applications are yet to open to the public in late July.
If you have not already set up a MyServiceNSW Account, you will need it for the applications of grants. To register, please go to MyServiceNSW.
Business Grants
Who
For the business that has an annual turnover between $75,000 and $50,000,000 for the year ended 30 June 2020 and had total annual Australian wages of $10,000,000 or less as at 1 July 2020. A further requirement is maintaining the employee head count as at 13 July 2021.
Turnover period
Decline in turnover for a minimum 14 day consecutive period between 26 June 2021 to 26 July 2021 inclusive, compared to the same period in 2019.
Turnover decline percentage
30%, 50% or 70%
How much do you get
A one off lump sum payment is provided. However, the grant amounts will depend on the decline in turnover experienced during the restrictions
Tier 1 $7,500 for a decline of 30% or more
Tier 2 $10,500 for a decline of 50% or more
Tier 3 $15,000 for a decline of 70% or more
When you can apply
Applications are open on 19 July 2021 and close at 11.59pm on 13 September 2021.
What to provide
The documents required depend on if your business is in the highly impacted industry list.
Highly Impacted Industry
- Declarations of eligible expenses and head counts of employees
- 2020 Income Tax Return or Notice of Assessment
- Supporting evidence/letter from a qualified accountant, BAS agent and Tax Agent for Tier 3 remaining amount of $4,500
Non-Highly Impacted Industry
- Declarations of eligible expenses and head counts of employees
- 2020 Income Tax Return or Notice of Assessment
- Supporting evidence/letter from a qualified accountant, BAS agent and Tax Agent for any tier of grants
Continue to Employ
To be eligible you must maintain your employee headcount, including full time, part time and long term casual employees, as at 13 July 2021.
How to apply
Service NSW will deliver the grant on behalf of the NSW Government. For full information on Covid-19 Business Grant click here
Micro Business Grants
Who
For the business with annual turnover between $30,000 and $75,000 for the year ended 30 June 2020.
Turnover period
Decline in turnover for a minimum 14 day consecutive period between 26 June 2021 to 26 July 2021 inclusive, compared to the same period in 2019.
Turnover decline percentage
30% or more
How much do you get
$1,500 per fortnight
When you can apply
Applications will open in late July.
How to apply
Service NSW will deliver the grant on behalf of the NSW Government. Service NSW will deliver the grant on behalf of the NSW Government Click here
Job Saver
Who
For the business with annual turnover between $75,000 and $50,000,000 for the year ended 30 June 2020 and maintain an employee head count as at 13 July 2021.
Turnover period
Decline in turnover for a minimum 14 day consecutive period between 26 June 2021 to 26 July 2021 inclusive compared to the same period in 2019. Turnover decline percentage
30% or more
Continue to Employ
To be eligible you must maintain your employee headcount, including full time, part time and long term casual employees, as at 13 July 2021.
How much do you get
- Employing business : 40% of weekly payroll with a minimum payment of $1,500 per week and a maximum payment of $10,000 per week
- Non employing business : $1,000 per week
When can you apply
Applications will open from 26 July
How to apply
Service NSW will deliver the grant on behalf of the NSW Government Click here
Payroll Tax Deferral Concessions
All businesses paying Payroll Tax in NSW will be able to defer their payroll tax payments until 7 October 2021.
For business wages up to $10m experiencing 30% decline in turnover, there is a reduction of 25% in 2021/2022 payroll tax.
Individuals and Households
Covid-19 Disaster Payment
The disaster payment support is available to individuals living in a declared Covid-19 Hotspot or subject to restricted movement order.
During the lockdown, weekly payments can be claimed by individuals who have lost more than 8 hours or a full day of work in a week. The payments are as follows:
- Lost 20 hours or more – $600 (previously $500)
- Lost between 8 and 20 hours – $375 (previously $325)
Individuals will need to meet additional eligibility criteria and apply via Services Australia website. For more information click here
Landlord Support
Land Tax relief of up to 100% of the Land Tax liability will be available to residential and commercial landlords that pay land tax and reduce rents for their tenants.
For residential landlords that reduce their tenant’s rent and are not liable for Land Tax, a grant of up to $1,500 may be available on application if qualifying criteria are met.
Get Ready
- ensure your business and contact details are up-to-date with the Australian Business Register (ABR)
- ensure your personal, contact and business details are up-to-date in your MyServiceNSW Account and your business profile
- if you don’t have one, create a MyServiceNSW Account and business profile.
As always, if you have any concerns or would like more information or assistance on the above, please speak to your MNH Advisory Services team member.
You are receiving this email as you are a client of MNH Advisory Services Pty Ltd. The information (including taxation) contained within this document is of a general nature only and neither represents nor is intended to be advice on any particular matter.