The New South Wales government has released the second stage of its economic package to support businesses in dealing with the impacts of COVID-19.
The package is intended to provide fast relief for NSW small businesses battling COVID-19 and is worth approximately $1 Billion. There are a number of initiatives that could prove helpful to NSW’s self-employed. These include:
- Businesses with payrolls of $10 million or less that received a three-month waiver on payroll tax in the initial assistance package will now get an additional three-month deferral For more information visit: https://www.revenue.nsw.gov.au/news-media-releases/covid-19-tax-relief-measures
- Small Business Support Grant. $10,000 will be available to eligible NSW small businesses that:
- have between 1-19 employees and a turnover of more than $75,000
- have a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000
- have an ABN, employ staff and are based in NSW as at 1 March 2020
- are highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020
- use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice
- can provide appropriate documentation upon application.
The application form will be available on the Service NSW website by 17 April 2020.
- Rent relief for commercial tenants in government buildings. There will be a deferral of rent for six months for commercial tenants with less than 20 employees in all Government-owned properties.
For more information on NSW Financial Stimulus Packages visit https://www.service.nsw.gov.au/campaign/covid-19-help-small-businesses/financial-stimulus-packages
The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.
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