Everything we know so far
As we go into another wave of extended lockdown the government has outlined a number of measures available to individuals and small businesses.
At this stage it is only an overview and we are expecting more detail this week.
Here’s a list of key measures announced so far:
Individuals:
All payments for individuals will be made through your MyGov account linked to a Centrelink account (please ensure it is set up).
1. COVID Disaster Payment
From 18 July, the COVID-19 Disaster Payment will increase from $500 to $600 each week if a person has lost 20 hours or more of work in a week, or $325 to $375 each week if a person has lost between 8 and 20 hours of work.
You will have to have lost hours and satisfy the eligibility criteria. It will be paid throughout the lockdown period.
2. Pandemic Leave Disaster Payment
Lump sums of up to $1,500 for each 14 day period are available to those directly impacted by quarantine ie if you have been directed to go into quarantine or to self isolate due to having Covid or being exposed to it.
The payment will be a recurring payment for approved recipients for as long as the Commonwealth-declared hotspot and lockdown restrictions remain in place.
3. Eviction Moratorium
A short-term eviction moratorium for rental arrears where a residential tenant suffers loss of income of 25 per cent due to COVID-19 and meets a range of criteria.
Businesses:
All payments to be processed though your Business Services NSW account (not your personal account).
1. 2021 COVID-19 One Off Business Grant up to $15,000
Eligibility:
- have an active Australian Business Number (ABN)
- demonstrate your business was operating in NSW as at 1 June 2021
- have total annual Australian wages of $10 million or less as at 1 July 2020
- have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020
- have business costs for which there is no other government support available
- maintain your employee headcount as at 13 July 2021.
How much:
There are 3 different grant amounts and depends on your decline in turnover experienced over a minimum 2-week period from 26 June 2021 to 26 July 2021, compared to the same period in 2019:
- $7,500 for a decline of 30% or more
- $10,500 for a decline of 50% or more
- $15,000 for a decline of 70% or more.
2. Job Saver Cashflow Support of up to $10,000
There will be fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses.
How much:
Employing businesses: up to 40% of weekly payroll, with a minimum payment of $1,500 per week and a maximum payment of $10,000 per week.
Non-employing business (eg soletraders): $1,000 per week
Eligibility:
- A revenue decline of 30% or more
- Turnover between $75,000 and $50m
- Eligible entities will be required to maintain their full-time, part-time and long-term casual staffing level as of 13 July.
3. $1,500 Micro Business Grants
A $1,500 per fortnight payment for micro-businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 per cent.
How much:
$1,500 per fortnight
Eligibility:
- A turnover between $30,000 and $75,000.
- A revenue decline of 30% or more.
- Businesses that provide the primary income source for a person associated with the business.
4. Payroll Tax relief & lodgement deferred
Payroll tax has been deferred for July and August 2021 and the annual 2021 reconciliation is due on 7 October 2021.
There is a 25% Payroll Tax waiver for businesses with wages between $1.2m & $10m experiencing a 30% decline in turnover.
5. Rent
A capped grant of up to $1,500 for residential landlords who are not liable to pay land tax who reduce rent for tenants.
6. Land tax relief
Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100 per cent of the 2021 land tax year liability.
7. Small business fees and charges rebate
As part of the previous COVID-19 stimulus and recovery plan, small businesses may apply for a rebate worth $1,500 to help them pay for government fees and charges. This also includes sole traders.
Eligibility:
- Australian wages must be below the NSW Government 2020-2021 payroll tax threshold of $1.2m.
- have an Australian Business Number (ABN) registered in NSW and/or have business premises physically located and operating in NSW.
- Only one $1,500 rebate is available for each ABN.
Get in touch
We’re here to help you with this – and will provide further details over the coming days. Please remember most of this information has not been legislated.
Please note you will need to apply directly though your Services NSW business account for any benefits.