The Government has announced additional assistance for those businesses impacted by the NSW lockdown.
COVID RELIEF PACKAGE
Businesses to receive 40% of their NSW payroll payments, from a minimum of $1,500 to a maximum of $10,000 per week
Business without staff i.e. sole traders, may receive $1,000 per week
ELIGIBILITY
Businesses are eligible if:
– their turnover is 30% lower than an equivalent 2 week period in 2019
– their turnover is between $75,000 & $50million
– they maintain their full time, part time and long-term casual staffing level as of 13 July 2021
– their employees are paid correctly through the payroll & tax systems. Paying employees by ‘cash’ & outside the tax system is not only illegal, but will result in your business not being eligible for these employees & thus cost you thousands of dollars! Contact us now to ensure all your employees are paid correctly.
– employees are correctly classified & paid as employees rather than contractors. Contact us to assist with determining if a person is an employee or contractor.
PAYROLL TAX RELIEF
Businesses who have experienced a 30% decline in turnover maybe eligible for:
– payroll tax waivers of 25%
– payroll tax deferrals
– interest free repayment plans
NSW BUSINESS GRANTS
These are in addition to the NSW Small Business Covid-19 Support Grant & the Hospitality & Tourism Covid-19 Support Grant which maybe applied for from 19 July 2021:
– $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
Contact www.RazorbackConsulting.com.au for assistance in determining your eligibility & applying for these & other grants.
Liability limited by a scheme approved under Professional Standards Legislation. This advice may not be suitable to you because contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.