For Business & Individuals: Updated Lockdown Support
The Australian and NSW Governments recently announced a major economic support package aimed at supporting businesses and individuals through the current COVID-19 lockdown.
Key components of the 2021 COVID-19 package for businesses include:
- An extension to the previously announced business grants program. This means eligible businesses with Australian wages below $10 million can claim grants between $7,500 and $15,000 to cover the first three weeks of restrictions.
- A “JobSaver” employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $100,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 per week.
- A new grants program for micro-businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 percent. The businesses will be eligible for a $1,500 payment per fortnight of restrictions.
- Payroll tax waivers of 25 percent for businesses with Australian wages bills of between $1.2 million and $10 million that have experienced a 30 percent decline in turnover, as well as payroll tax deferrals and interest-free repayment plans.
- Mandatory rent relief for eligible commercial and retail tenants. See new support for commercial tenants and landlords.
- Land tax relief equal to the value of rent reductions provided by commercial, retail, and residential landlords, up to 100 percent of their 2021 land tax year liability.
- An increase in the payment amount for stood down workers to $750 per week for those who lost more than 20 hours, and to $450 for those who lost between 8 and 20 hours, and available to workers outside of the Greater Sydney lockdown areas.
- Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2022.
- A $75 million support package for the performing arts sector to be administered by Create NSW.
- A $26 million support package for the accommodation sector.
Read the full update below:
How can we help?
If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.