The small business support grant from the NSW government is open for application now.
The eligible small and medium-sized business needs to hurry up and apply for the grant. The grant will be closed on the 31st of March 2022.
Don’t miss out
This small business support grant will allow eligible businesses to apply for up to 4 weeks of payment for $750.00 to $5,000 per week. The payment amount will be 20% of your payroll; however, if it is lesser than $750, you will get the $750 per week.
This grant will also apply to small businesses that are sole traders and do not have any 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 keen to help you. We will help you to maximize your chance of getting this grant.
- The eligible business has the following important criteria
- You need to operate the business in NSW
- You need to have an active ABN
- Your sales figure in January 2022 would be declined by 40% from the same period in 2021 or 2020
- Your sales figure from 1 to 14 February 2022 would be declined by 40% from the same period in 2021 or 2020
- Your sales are between 75,000 to $ 50 million.
- If you have employees in your business, you need to maintain your headcount from 30 January 2022 to 28 February 2022.
- For non-employing businesses, the business income is more than 50% of the total income.
Is the NSW Small Business Grant Taxable?
It will not be taxable if you meet 3 essential criteria:
- The payment is received under a state or territory grant, or Australian Government support program that is formally declared by the minister, under a legislative instrument, to be treated 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.
It is also important to note that you need to lodge all the relevant business activity statements (BAS), as the sales figures are derived from the business activity statement.