Lockdown restrictions have left business owners grounded across NSW, but a recent rollout of government grants could be just what you need to refuel and get your company flying high again.
If your revenue has been impacted at all, even if you’re located outside of the Greater Sydney area, there are a number of financial support packages for which you could be eligible. Applications are already open, so if you want to get yourself back on the runway, have a look at what you can take advantage of below.
Currently, the NSW government is offering one-off, tax-free Covid-19 Business Grants based on revenue loss during lockdown. With up to $15,000 of compensation available, any impacted company within NSW should be applying for this.
Small-scale operations aren’t being overlooked, either. For businesses earning between $30k to $75k annual turnover, a Micro Business Grant is being rolled out to provide fortnightly tax-free payment of $1,500. Grants for accommodation providers are on the horizon as well, expected to be announced at the end of July.
Payroll Tax Breaks
The NSW government has announced that businesses will be able to defer upcoming payroll tax payments until 7 October 2021. The deferred payments can be paid gradually over an interest free 12-month repayment plan.
Also, for businesses again experiencing a 30% or more loss in revenue, a 25% reduction in FY22 payroll tax has been promised.