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CLIENT ALERT: Cashflow Boost Returns For NSW

14 July 2021

What do you need to do to apply for the latest round of NSW COVID support on offer

If you or your business are affected by the NSW lockdown, below is a summary of what we know so far based on media releases published up to 13 July 2021.

Media release by Gladys Berejiklian on 13 July 2021 here:

  1. Expansion of business grants program previously announced – more businesses to be eligible

Expansion of the business grants program announced 2 weeks ago, which sets out grants of up to $10,000  where there is a decline in turnover across a minimum two-week period after 26 June 2021. The grants amounts are tiered based on decline in turnover as follows:

  • $10,000 for a 70% decline
  • $7,000 for a 50% decline
  • $5,000 for a 30% decline

The following were the conditions of the previously announced grant:

  • Small business COVID-19 Support Grant – available to businesses and sole traders with a turnover of more than $75,000 per annum but below payroll tax threshold of $1.2M at 1 July 2020. Must have fewer than 20 full time equivalent employees, with an ABN registered in NSW or able to demonstrate they are physically located and primarily operating in NSW.
  • Hospitality and Tourism COVID-19 Support Grant – available to tourism or hospitality businesses that have a turnover of more than $75,000 and annual Australian wages of $10M as at 1 July 2020.

What’s new?

The media release on 13 July 2021 stated that this will be expanded, with grants between $7,500 and $15,000 available to eligible businesses with annual wages of up to $10M to cover the first three-weeks of restrictions.

A new grant program will also be introduced for smaller micro businesses with turnover between $30,000 and $75,000. These businesses will be eligible for a $1,500 payment per fortnight of restrictions, starting from when the restrictions were first introduced.

  1. Other measures announced
  • Payroll tax wavier of 25% for businesses with Australian wages of between $1.2M and $10M that have experienced a 30% decline in turnover, as well as payroll tax deferrals and interest free repayment plans.
  • Residential landlords who decrease rent for impacted tenants can apply for a grant of up to $1500 or land tax reductions depending on their circumstances.
  • Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100% of the 2021 land tax year liability
  • Deferral of gaming tax assessments for clubs until 21 December 201 and hotels until 21 January 2021

 Media release by Scott Morrison MP with others here and here on 13 July 2021

  1. Increase in COVID-19 disaster payment to individuals

An individual may be eligible for COVID-19 disaster payment where they can’t attend work or have a loss of income on or after day 8 of a COVID-19 restriction of movement event, don’t have access to appropriate paid leave entitlements through an employer, not receiving income support payment, ABSTUDY Living Allowance, Dad and Partner Pay or Parental Leave Pay, and are not receiving a state or territory pandemic payment, Pandemic Leave Disaster Payment or state small business payment for the same period. The current rate is $325 per week if the person has lost less than 20 hours of work, and $500 per week if the person has lost 20 or more hours of work.

The media release announced that from week four of a lockdown because of a Commonwealth Government declared hotspot, the COVID-19 Disaster Payment will increase to $600 if a person has lost 20 or more hour of work a week or $375 if a person has lost between 8 and less than 20 hours of work a week.

The media release also stated the following changes to the COVID-19 Disaster Payment

  • Make the COVID-19 Disaster Payment a recurring payment for approved recipients for as long as the Commonwealth declared hotspot and lockdown restrictions remain in place. This will remove the need for recipients to re-claim for each seven day period of a lockdown.
  • Amend the COVID-19 Disaster Payment so that a person would be eligible for the payment, including where they are still working, provided they have lost more than 8 hours or a full day of work.

From 18 July 2021 the COVID-19 Disaster Payment will be available to those outside Commonwealth declared hotspots in NSW that meet the criteria for the payment.

  1. New business support payment

A new business support payment will also be available to non-employing and employing entities in NSW, including not-for-profits, for entities with an annual turnover between $75,000 and $50 million who can demonstrate a 30 per cent decline in turnover.

To receive the payment, eligible entities will be required to maintain their full time, part time and long term casual staffing level as of 13 July 2021.

Eligible entities, which includes not-for-profits, will receive 40 per cent of their NSW payroll payments, at a minimum of $1500 and a maximum of $10,000 per week.

For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week.

Businesses can register their interest for this from 14 July 2021 at Service NSW

In conclusion

The details on the latest round of NSW COVID support remains sketchy and we have no more information as of today other than that in the various media releases. We would nevertheless recommend the following:

  1. Register your interest for COVID-19 business support – 2021, here, to be notified when full details are released and registration opens.
  2. If you are an individual not currently registered with Services Australia, register now and monitor this page for access to COVID-19 Disaster Payment.

Download the detail in this Client Update.