Major economic package to support NSW small business and individuals during lockdown - Image Magazine

 

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Major economic package to support NSW small business and individuals during lockdown

Major economic package to support NSW small business and individuals during lockdown

The Australian and NSW Governments have announced a major economic support package aimed at supporting businesses and individuals through the current COVID-19 lockdown. The commitment of $5.1 billion includes more than $1 billion from the Commonwealth.

Key components of the 2021 COVID-19 package for businesses include:

* An extension to the previously announced business grants program. This means eligible businesses with Australian wages below $10 million can claim grants between $7,500 and $15,000 to cover the first three-weeks of restrictions.

* A “JobSaver” employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 per week.

*A new grants program for micro businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 per cent. The businesses will be eligible for a $1,500 payment per fortnight of restrictions. For more details go to: https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant

* Payroll tax waivers of 25 per cent for businesses with Australian wages bills of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans.

* Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords, up to 100 per cent of the 2021 land tax year liability.

* A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants. 

* An increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and available to workers outside of the Greater Sydney lockdown areas.

* Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2021.

* A $75 million support package for the performing arts sector to be administered by Create NSW.

* A $26 million support package for the accommodation sector.

* Expanded mental health services with programs targeted at young people and CALD communities.

Small business tenants or landlords requiring mediation over their retail or commercial lease can contact https://www.smallbusiness.nsw.gov.au/contact

Read about the Commission’s mediation service at https://www.smallbusiness.nsw.gov.au/get-help/disputes/how-does-mediation-work

Further details on the Government’s support package, including eligibility, will be available at https://www.service.nsw.gov.au/covid-19-business-support-2021

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