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On 13 July 2021, the Federal and NSW State Government announced several new and modified support measures as part of their COVID-19 support package. The following summarises some of the Government support you may be able to access.
If your hours of work are reduced due to restrictions on movement relating to a compulsory lockdown, you may be entitled to taxable COVID-19 Disaster Payments. This weekly payment will vary depending on the number of hours you’ve lost and the length of the lockdown as shown in the table below.
See Services Australia COVID-19 Disaster payment for more information and how to claim.
A taxable lump sum payment of $1,500 is available if you cannot work due to self-isolation or quarantine obligations relating to COVID-19 restrictions. This lump sum payment is available for each compulsory 14-day period of self-isolation or quarantine.
See Treasury’s Pandemic Leave Disaster Payment fact sheet for more details and eligibility.
If you have an eligible small or medium business, with turnover between $75,000 and $50,000,000, you will receive 40% of your NSW payroll payments. The minimum payment will be $1,500 per week, with a maximum of $10,000 per week, paid fortnightly based on turnover.
To be eligible, your business must experience a reduction in turnover of at least 30% compared to an equivalent two-week period in 2019.
In addition, your business is required to maintain your full time, part time and long-term casual staffing level as of 13 July 2021.
The payment for sole traders is set at $1,000 per week.
To register your interest, visit www.service.nsw.gov.au.
See NSW COVID-19 Support Package media release for more information.
The NSW Government will also provide business grants to businesses with wages up to $10,000,000 per annum who are impacted by the Greater Sydney COVID-19 restrictions.
A maximum grant of up to $15,000 is available to cover the first three weeks of restrictions where there has been a 70% decline in turnover during the restrictions.
Smaller grants are available for smaller reductions in turnover. The grant is available to businesses including sole traders and not-for-profit organisations.
There are three grant categories:
You can register your interest now and apply from 19 July 2021. Click here.
In addition, businesses with a turnover of between $30,000 - $75,000 will receive a fortnightly payment of $1,500 during restrictions. To be eligible your business turnover must decline by 30%.
The Commonwealth Government announced that these additional support payments would be tax-free.
See NSW Government announcement for more information on other additional support.
For more information on state and territory information, grants and assistance please see business.gov.au.
If you are or your business is struggling during this unprecedented time or you have any questions, please contact us or your financial adviser. If you don’t have an adviser we can put you in touch with one.