Due to the wide NSW COVID-19 lockdown, the New South Wales Premier Gladys Berejiklian announced the Small Business COVID-19 Support grant to assist the tens of thousands of small businesses in NSW.
In the Media Release on 29th June 2021, the NSW government defines small businesses as entities with a turnover of over $75,000 and a payroll tax threshold of less than $1,200,000 as of 1st July 2020.
In addition, these businesses must have fewer than 20 full-time equivalent employees and an Australian Business Number registered in New South Wales or be able to demonstrate they locate and operate in New South Wales.
If the business turnover declines by 100%, then the business can get $10,000; if the decline of turnover is 70%, they will get $5,000; if the business decline is 30%, they will get $3,000.
Businesses will be able to apply for the grants through Service NSW from later in July. They will need to show a decline in turnover across a minimum two-week period after the commencement of major restriction on 26th June.
The important aspect of this announcement is that if you are a small business located and operating in New South Wales, you must contact EndureGo Tax or your accountant. EndureGo Tax, as the leading accountant and tax agent in Inner West Sydney, will help you apply for the small business COVID-19 support grant.
It is important to note that you need to keep your bookkeeping up to date, as the measurement is two weeks from 26th June 2021, hence from the media release of 29th June 2021, it seems the comparison period will be two weeks before 26th June, and compare to two weeks after 26th June.