Small businesses in NSW highly impacted by COVID-19 shutdown will receive up to $10,000 under a new assistance scheme. Leave your contact details if you would like us to provide you more information.
The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.
How to apply?
Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020.
To know more about the government stimulus and how to apply for it, please contact us to get the help of professional accountants.
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Yes. The government has announced that in the case of sole traders and the self-employed, anyone impacted by the economic downturn triggered by the coronavirus will be able to access the jobseeker payment and the coronavirus supplement.
Applicants will make a declaration to Centrelink that their business has been suspended or had turnover reduced significantly as a result of the downturn.
Sole traders that become eligible for the jobseeker payment will automatically meet their mutual obligation requirements during this period by continuing to develop and sustain their business.
You will be able to access your super if you are unemployed or eligible to receive a jobseeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or the farm household allowance.
Additionally, if after 1 January 2020 you were made redundant or your working hours were reduced by 20% or more you will also be granted access.
Sole traders that have their business suspended or have a reduction in turnover of 20% or more are also eligible.
Eligible individuals will be able to apply online through MyGov for access of up to $10,000 of their superannuation before 1 July 2020.
They will also be able to access up to a further $10,000 from 1 July 2020 for another three months.
They will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or veterans’ affairs payments.
The government is also announcing a temporary reduction in superannuation minimum drawdown rates for account-based pensions and similar products.
This will be a 50% reduction in the rate for 2019-20 and 2020-21, which the government says will benefit retirees by providing them with more flexibility as to how they manage their superannuation assets.
The latest package ramps up a previous wage subsidy to small business which will be increased from a $25,000 cash refund to a maximum payment of $100,000.
The payment is open to businesses with a turnover less than $50m and also for not-for-profit charities.
In round one, the measure was worth $6.7bn. Increasing the payment to $100,000 adds an extra $25.2bn in support, bringing the total to $31.9bn.
The government has also announced a new “coronavirus SME guarantee scheme”, which will support lending to small and medium-sized businesses worth $40bn.
It will be available to all businesses with a turnover of less than $50m.
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You can provide user access to your online accounting software so we can get the required business transactions for the tax lodgement.