The latest NSW Stimulus Packages
The NSW Government will offer payments of up to $10,000 to eligible businesses that have suffered turnover reductions as a result of recent lockdowns, along with the deferral of some payroll tax and gaming tax liabilities until August.
There are three different grant amounts available for small businesses depending on their decline in turnover experienced during the restrictions:
- $10,000 for a 70% decline
- $7,000 for a 50%% decline
- $5,000 for a 30% decline.
Businesses that are eligible will be able to apply for the grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on 26 June.
The grants will be divided into two streams:
Small Business COVID-19 Support Grant
- Available to businesses and sole traders with a turnover of more than $75,000 per annum but below the NSW Government 2020-21 payroll tax threshold of $1,200,000 as at 1 July 2020.
- These businesses must have fewer than 20 full time equivalent employees and an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales.
Hospitality and Tourism COVID-19 Support Grant
- Available to tourism or hospitality businesses that have a turnover of more than $75,000 and an annual Australian wages bill of below $10 million, as at 1 July 2020.
- These business must have an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales.
A full eligibility criteria will become available in the coming days on the Service NSW website for both grants.