As you’re no doubt aware, the Federal and State Governments have announced further financial support packages to assist businesses and employees who have been impacted by the Greater Sydney lockdown.
These packages apply to businesses and employees right across NSW, and not just in the Greater Sydney lockdown region. This package may not apply directly to your business, but it may well support your suppliers and other associated business to continue trading through these tough times.
Key Points & Eligibility
The key points contained in this combined Federal and State Government package include:
- The NSW Government Business Grants program announced two weeks ago has been expanded, with grants between $7,500 and $15,000 available to eligible businesses with annual wages up to $10 million, that can demonstrate a 30% to 70% or more reduction in turnover during lockdown.
- A cash boost for businesses with an annual turnover of between $75,000 and $50 million that can demonstrate a 30% reduction in turnover during lockdown. The cash boost will be 40% of weekly payroll with a payment of between $1,500 to $10,000 per week from week 4 of the lockdown onwards, provided staffing levels are maintained.
- $1,500 fortnightly grants for micro businesses with turnover of between $30,000 and $75,000 which can demonstrate a 30% reduction in turnover where the business is the primary source of income. This will assist many businesses operating as sole traders.
- A payroll tax deferral this quarter for all businesses, and a waiver for this quarter if you can demonstrate a 30% reduction in turnover and you have a payroll of between $1.2 and $10 million.
- An increase in payments for workers from $500 to $600 per week if they have lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours. This will now be available to workers outside of the Greater Sydney lockdown areas.
- Several provisions around residential, commercial, and retail leases, including no lockouts and forced evictions, and those landlords who provide rent relief will be given land tax reduction incentives.
It’s important to note that the detail and application processes of these packages have not been released yet. Unfortunately, at present we all must wait for these details to be released and finalised, and Lambourne Partners will be monitoring these situations and working with all our clients who require this assistance as soon as we can.
In the meantime, if you believe your business is eligible for any of the above concessions, please contact your Lambourne Partners business advisor so we can discuss what details you can get together now, so we’re ready to act as soon as the application process is open.