For Business & Individuals: Updated Lockdown Support

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:

Lockdown Support for Business – Aug 2021

Lockdown Support for Individuals – Aug 2021

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.

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