(www.nsw.gov.au – official information on COVID-19 support for small business by the NSW state government)
As we previously advised, the NSW Government is providing financial support to ease the pressures on small business as a result of COVID-19.
If your small business 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 to support the ongoing operations and expenses.
To be eligible for this grant, you must:
- be based in NSW
- be a small business
- 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 ATO and meets all other criteria, 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 COVID-19 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
- have unavoidable business costs not otherwise the subject of other Government financial assistance measures
Business not in the Highly Impacted Industries
If your business is not in one of the highly impacted industries but demonstrates a significant disruption, resulting in a 75% reduction in turnover as a result of the Public Health Order 2020, you may be eligible for this grant. You will require a letter from your accountant confirming you meet the criteria.
If you are a sole trader and you do not employ staff, you are not eligible for this assistance.
If you are unsure if you meet the criteria or would like assistance, please contact your AGS Advisor.
Published : 17 Apr 2020