The Federal and NSW State Government have announced a new jointly funded support package to help NSW businesses through the current lockdown.
Applications for some of the measures will open from 19 July 2021.
Here is what we know so far with further detail to be released later this week:
- Eligible entities (turnover between $75,000 and $50 million and can demonstrate a 30 percent decline) will receive payments of between $1,500 and $10,000 per week based on the level of their payroll;
- Eligible Sole Traders will have access to $1,000 payments per week;
- Micro businesses with a turnover of between $30,000 and $75,000 that experience a decline in turnover of at least 30% may be eligible for a $1,500 payment per fortnight during lockdown restrictions;
- Eligible businesses with Australian wages below $10 million can also claim grants between $7,500 and $15,000;
- Payroll tax waivers of 25% for businesses with Australian wages of between $1.2 million and $10 million that have experienced at least a 30% decline in turnover;
- Up to a $1,500 grant for residential landlords who are not liable to pay land tax and who reduce rent for tenants;
- Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100% of the 2021 land tax year liability; and
- Short-term eviction moratorium where a residential tenant suffers loss of income of at least 25% due to COVID-19 and meets a range of criteria.