Support packages available for business

We appreciate there’s a lot on everyone’s plate right now, so we’ve pulled together a top line summary of the support packages for business during this current round of lockdowns impacting Greater Sydney. It’s hard to believe we’re here again, but yet, here we are. Viridity are still operational and working hard to help all our clients through this latest round of support packages. If you need advice or simply a discussion, we are here for you. Please Do Not Hesitate to reach out to us.

Here’s a summary of what’s available:

1. 2021 COVID-19 business grant

A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions.

Eligibility

To be eligible for the grant, you must:

  • have an active Australian Business Number (ABN)
  • demonstrate your business was operating in NSW as at 1 June 2021
  • have had total annual Australian wages of $10 million or less as at 1 July 2020
  • have had 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. See the guidelines for definitions.

Three different grant amounts will be available depending on the 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.

Businesses and not-for-profit organisations on the NSW border with Victoria impacted by the stay-at-home orders that began on 27 May 2021 may use a different comparison period to demonstrate a decline in turnover. For each of the 3 grant amounts, these businesses must demonstrate a decline in turnover over a minimum 2-week period from 27 May 2021 to 26 July 2021.

Please contact us for more eligibility criteria – you may need a letter from us to support your application.

2. JobSaver

Fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses.

How much

  • Employing businesses: 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: $1,000 per week

Eligibility

  • A revenue decline of 30% or more.
  • Turnover between $75,000 and $50 million.

Applications open late July.

3. Payroll tax deferrals & Concession.

Businesses can opt in to defer payments on the 2020-21 annual reconciliation return and wages paid in July and August. Interest-free repayment plans for up to 12 months will be available.

How much

  • Deferral of 2020-21 reconciliation (due 28 July) and payments due on 7 August and 7 September until 7 October 2022.

Eligibility

Any business paying payroll tax.

Payroll tax concessions

Concessions to help reduce overheads for eligible businesses with a 30% decline in turnover.

How much

  • 25% reduction in 2021-22 payroll tax where there is a 30% decline in turnover.

Eligibility

  • A revenue decline of 30%.
  • For businesses with Australian wages up to $10 million.

For more information, visit Revenue NSW.

4. COVID-19 micro business grant

A fortnightly payment for businesses with a turnover between $30,000 and $75,000.

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.

Applications open late July.

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