Government Support For New South Wales
On 13 July 2021, the NSW State and Federal Governments announced a number of jointly funded financial support measures designed to help the people and businesses of NSW who are suffering due to the recent COVID-19 induced lockdowns.
This is in addition to the recent NSW Government announcement, a summary can be found here.
Businesses that meet the following criteria:
- an annual turnover between $75,000 and $50 million;
- maintain their current staffing levels;
- turnover is 30 per cent lower than an equivalent two weeks in 2019
will be able to receive between $1,500 and $10,000 tax exempt payment per week, with the exact amount being calculated at 40 per cent of the Business’s NSW payroll payments. This includes a flat payment of $1,000 per week for sole traders.
The payments will be administered by Service NSW, register here.
Additionally, the NSW Government will offer payroll tax relief by deferring tax liability for two months and offering a waiver of 25% where relevant criteria is met.
Residential landlords will be offered an incentive to reduce rent for struggling tenants and a 60-day eviction hold for tenants who fail to pay their rent after losing a minimum 25 percent of their income due to COVID-19.
Individuals may be eligible for increased disaster payments, increased:
- from $500 to $600 per week for those who work for more than 20 hours
- from $325 to $375 per week for those who lost between 8 and 20 hours a week
All residents of NSW are eligible for this increased COVID-19 disaster payment.
The Government is also offering ‘administrative relief’ to NSW taxpayers, including reduced payment plans and no interest charged on late payments owed to the government.
Individuals can find information on Service Australia and claim online through their myGov account.
Please contact the TNR team if you have any queries relating to this Government support.
Important: The information contained in this post / article is not advice. Readers should not act solely on the basis of material contained in this post. Items herein are general comments only and do not constitute or convey advice per se. We recommend that our formal advice be sought before acting on anything contained in this post.