Small Business Support Grant from the NSW Government

The NSW government has opened applications for the small business support grant.

Eligible small and medium-sized businesses need to hurry and apply as the grant will close on March 31, 2022.

Don’t miss out! This grant allows eligible businesses to apply for up to 4 weeks of payment ranging from $750.00 to $5,000 per week. The payment amount will be 20% of your payroll; however, if it is less than $750, you will receive $750 per week.

This grant also applies to small businesses that are sole traders and have no employees. You are still eligible to apply for up to $450 per week for four weeks of payment.

As the leading accountant and tax agent in Inner West Sydney and Northern Beaches, we are eager to help you maximize your chance of receiving this grant.

Eligible businesses must meet the following important criteria:

  • Operate the business in NSW
  • Have an active ABN
  • Experience a 40% decline in sales figures in January 2022 compared to the same period in 2021 or 2020
  • Experience a 40% decline in sales figures from 1 to 14 February 2022 compared to the same period in 2021 or 2020
  • Have sales between $75,000 to $50 million
  • Maintain headcount if employing staff from January 30, 2022, to February 28, 2022
  • For non-employing businesses, the business income must be more than 50% of the total income.

Is the NSW Small Business Grant Taxable?

The grant will not be taxable if you meet the following criteria:

  • The payment is received under a state or territory grant, or Australian Government support program declared by the minister as non-assessable non-exempt (NANE) income.
  • You carried on a business and have an aggregated turnover of less than $50 million in either the income year the payment was received or the previous income year.
  • The payment was received in the 2020–21 or 2021–22 financial year for eligible state or territory grants or the 2021–22 financial year for eligible Australian Government programs.

Losing all relevant business activity statements (BAS) is important as the sales figures are derived from the business activity statement. Consider Endurego Tax’s comprehensive services in Inner West Sydney for tailored solutions. If you are facing a similar situation or require expert guidance in tax matters, contact us for dedicated assistance in navigating tax complexities and achieving optimal outcomes for your business affairs.

small business support