The 2022 Small Business Support Program
The NSW Government announced $1 billion new financial support for businesses affected by Omicron wave. We will have a look some of the highlights below.
Eligibility:
An aggregated annual turnover of between $75,000 - $50 million for the year ended 30 June 2021; and
Experienced a decline in turnover of 40% or more due to public health orders or the impacts of Omicron COVID-19 strain for the month of January 2022 compared to January 2021 or January 2020; and
Experience a decline in turnover of 40% or more from 1 to 14 February 2022 compared to the same fortnight in earlier 2021 or 2020 (you must use the same comparison year utilised in the decline in turnover test for January); and
Maintain the employee headcount from the date of the announcement of the scheme: (30 January 2022).
The package will provide eligible businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022.The minimum weekly payment for employer is $750 per week. Application for support will start in the middle of February.
Expanded Fees & Charges rebate:
This is an extension to the existing rebate to help small business or a not for profit organisation recover from the impacts of COVID-19 and encourages growth by reducing the cost of running a business. Funds can be used to offset the costs of eligible NSW and local government fees and charges due and paid from 1 March 2021 to 30 June 2022, such as:
Food authority licences
Liquor licences
Tradesperson licences
Event fees
Outdoor seating fees
Council rates
Road user tolls for business use.
The existing rebate will increase from $2,000 to $3,000 in late March 2022. The rebate is a digital credit that businesses can draw down on to offset the cost of eligible NSW and local government fees and charges rather a cash payment. If business who has already granted this rebate will receive an automatic top-up of $1000 and newly registered business will receive a rebate of $3,000.
The rebate is available to sole trades, small business and not-for profits that have:
Total Australian wages below the NSW Government 2020 -21 payroll tax threshold ($1.2million)
An ABN registered in NSW and/or have business premises physically located and operating in NSW.
Extended Commercial landlord relief:
Small retain and commercial tenants who seek protection under the Retail and other Commercial leases (COVID-19) Regulation 2021 will be extended till 13 March 2022. The commercial landlord hardship grant provides up to $3,000 per month (GST incl.), per property for eligible landlords who have provided rental waivers to affected tenants.
There is also other NSW government business support, such as Extended preforming arts package and payroll tax support. If you are look for advice on specific area, please feel free to contact us on 07 5504 5700.
Cordner Advisory - Your Business Advisory, Accounting & Tax Specialists. Catering for clients all across Australia, from the golden beaches of the Gold Coast and Sunshine Coast to the capital cities such as Brisbane, Sydney and Melbourne
Explore the 2022 Small Business Support Program with Cordner Advisory Broadbeach, Gold Coast. For tailored advice on arts packages and payroll tax support, contact us today.
