Update 28 July 2021
NSW’s COVID-19 lockdown will go for at least another four weeks, prompting the state and federal governments to announce more financial lifelines for businesses and individuals.
Here's what you need to know:
As of next week, the COVID-19 Disaster Payment will be boosted from $600 to $700 each week if a person has lost 20 hours or more of work a week, or $375 to $450 each week if a person has lost between 8 and 20 hours of work.
Additionally, individuals receiving JobSeeker will get a $200 boost per week, if they have lost more than eight hours per week.
Both governments (state and federal) have also agreed to expand the COVID-19 Business Support payment.
Under the expanded payment, eligible entities, which includes not-for-profits, will now receive payments of between $1,500 and $100,000 per week based on the level of their payroll, with the maximum turnover threshold increased from $50 million to $250 million.
The payment will continue to be calculated based on 40 per cent of payroll for businesses that have suffered a 30 per cent or more decline in turnover.
For non-employing businesses, such as sole traders, the payment will remain set at $1,000 per week.
For a full media brief, visit www.pm.gov.au/media/nsw-business-support-package-expansion
27 July 2021
The NSW state government has released multiple financial support packages for businesses and individuals that are affected by the COVID-19 outbreak and subsequent lockdown.
Support packages for businesses
COVID-19 Business Grants
A one-off payment to help businesses with cashflow support for the first 3 weeks of lockdown.
Fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses.
COVID-19 Micro Business Grants
A fortnightly payment for businesses with a turnover between $30,000 and $75,000.
Payroll tax deferrals/reduction
Businesses have the option to defer their payment of the 2020-21 annual reconciliation, July and August 2021 monthly return periods until 7 October 2021. Interest free repayment plans for up to 12 months will be available.
A 25% reduction to help reduce overheads for eligible businesses with a 30% decline in turnover.
For more information and links to apply – https://www.nsw.gov.au/covid-19/2021-covid-19-support-package/businesses-sole-traders-and-small-not-for-profits
Support packages for Individuals
COVID-19 disaster payment
The payment helps workers who are unable to earn money due to a COVID-19 lockdown or hotspot.
Pandemic leave disaster payment
You may be eligible for financial support if you can’t earn money because NSW Health has directed you to self-isolate or quarantine for 14 days or you are caring for someone who has COVID-19.
For more information and links to apply – https://www.nsw.gov.au/covid-19/financial-support
How can Walsh Accountants help?
Specialising and Entrepreneurial and Business Support – we’re here to help you throughout this period of instability. Our team of Accountants are here to assist you with all the knowledge we have to help you adapt to the changing environment and keep your business afloat.
If you are in need of our assistance, we encourage you to contact us as soon as possible.