Covid 2.0 Sydney

The NSW and Federal Government will co-fund small and medium business support payments.

This support is targeted at NSW entities, including not-for-profits, with an annual turnover between $75,000 and $50 million, and has a turnover that is 30% lower than an equivalent two week period in 2019.

Eligible entities will receive 40% of their NSW payroll payments, at a minimum of $1500 and a maximum of $10,000 per week provided they maintain current staffing levels.

NSW businesses claim grants between $7,500 and $15,000 to cover the first three weeks of restrictions.

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% was also announced. Businesses will be eligible for a $1500 payment per fortnight of restrictions.

Payroll tax waivers of 25% is available for businesses with Australian wages 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

There is administrative relief to NSW taxpayers facing hardship, including reduced payment plans, no interest charged on late payments and varying instalments on request.

The disaster payment scheme has been expanded to address the protracted nature of the greater Sydney lockdown. As of today, anyone who has lost more than 8 hours of work per week can access the disaster payment.

People who have lost more than 20 hours of work can access a $600 per week, up from $500. People who have lost 8 hours and up to 20 hours of work can access $375 per week, up from $325.

Subscribe to the Legal Practice Intelligence fortnightly eBulletin. Follow the links to access more articles related to the business of law and legal technology.    

Disclaimer:  The views and opinions expressed in this article do not necessarily reflect the official policy or position of Novum Learning or Legal Practice Intelligence (LPI). While every attempt has been made to ensure that the information in this article has been obtained from reliable sources, neither Novum Learning or LPI nor the author is responsible for any errors or omissions, or for the results obtained from the use of this information, as the content published here is for information purposes only. The article does not constitute a comprehensive or complete statement of the matters discussed or the law relating thereto and does not constitute professional and/or financial advice.

Back to blog