Update Friday 17 April 2020
The NSW Government is providing financial support to ease the pressures on small business as a result of COVID-19.
If your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for the small business support grant of up to $10,000.
This grant supports the ongoing operations of small businesses highly impacted from the COVID-19 pandemic following the NSW Public Health Order of 31 March 2020. Funds may only be used for unavoidable business expenses that are not supported by other government funding. These expenses include, but are not limited to:
wages for an employee not eligible for JobKeeper payments
paying creditors, if your business is closing.
To be eligible for this grant, you must:
be based in NSW
be a small business (see guidelines)
be registered with an ABN as at 1 March 2020 have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence)
Where a small business does not submit a BAS to the Australian Tax Office, and meets all other criteria, the small business should contact Service NSW to discuss further. In these cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000.
employ 1-19 full-time workers as at 1 March 2020
be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
have been highly impacted by Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 effective on 31 March 2020
have experienced at least 75% decline in turnover compared to the same two-week period in 2019, as a result of COVID-19 (for businesses that have been in operation for less than 12 months, refer to the guidelines)
have unavoidable business costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.
Further details including; eligibility and how to apply can be found on the Service NSW website link below.
Source and credit: Service.nsw.gov.au
This is a reminder that in order to qualify for the Stimulus Package, your 2018-19 tax needs to be submitted.
Eligibility for Tax boost payments
The tax boost payments will be tax-free and automatically calculated by the ATO; no new registrations or new forms will be required.
The payments will be delivered by the ATO as an automatic credit in the activity statement system from 28 April 2020 upon employers lodging eligible upcoming activity statements. The minimum payment of $10,000 will be applied to the entity’s first lodgment. Where the entity is in a refund position, the ATO will deliver the refund within 14 days.
If an employer receives a payment to which it was not entitled, it is obliged to repay that amount. The general interest charge will apply.
For more information please click this link, Cash flow assistance for business.
Where possible, please submit your activity statements to the ATO as soon as you can or contact one of our team to ensure that we get this processed for you as quickly as possible.
Source and credit: ATO.gov.au
We believe in our community and we would like to offer support to our clients who are in business and wish to showcase a weekly deal on our website. We have introduced a Community tab on our website where current clients who register may be able to make an offer and have a link to their website.
Please email us should you wish to apply. Spaces are limited and conditions apply.
If you require any assistance with any of this then please contact us and let us know.