Financial relief for New South Wales businesses – available now
As we continue to move forward out of the Covid -19 pandemic, NSW Government support is still available to businesses who may be suffering financially. The support is available for businesses, sole traders and non-profit organisations. To find out more, read on.
By ATB Partners
Applications are open
You can now apply through the Services NSW website. However, this is something we recommend that you do yourself because there will be ongoing communication between your business and Services NSW. The process is easier and simpler in the long term if there is only one contact, and it’s better if that contact is not an agent, such as an accountant or tax agent.
To apply, you need to have your financials up to date, and you will also need verification from an accountant to support your application. We are happy to provide this for ATB clients, once you have the ball rolling on the application process.
How to apply
To check eligibility – click here.
For the documentation checklist – click here.
To apply – click here.
Applications close 31 March 2022.
The support programme aims to provide cash support to eligible businesses – the funds can be used for a range of business expenses including, but not limited to: salaries and wages, electricity and rent, financial, legal or other advice, marketing and communications and perishable goods. Businesses have discretion as to how to use the funds.
Employers – If you’re an employer, the payment will be equivalent to 20% of weekly payroll for work performed in NSW:
- The minimum payment will be $750 per week
- The maximum payment will be $5,000 per week.
Weekly payroll should be determined using the calculations from your most recent Business Activity Statement (BAS) provided to the Australian Taxation Office (ATO) for a tax period that falls within the 2021–22 financial year. For more information about how to calculate weekly payroll, click here.
Sole traders – may be eligible to receive a payment of $500 per week, if they meet the eligibility criteria. However, they must be able to provide a decline in revenue, and also that the business is the primary income source (50% or more of the total annual income).
Good record keeping is a must
We’re also encouraging our clients who do apply for financial assistance to keep impeccable records. It is likely that you could be audited down the track. Many of our clients are now using our bookkeeping services, and finding significant advantages in doing so – not the least of which is freed up administration time, along with peace of mind that the numbers are always up to date.
If we can help, contact us, although as mentioned above, based on previous experience, the process runs more smoothly if you complete the application yourself and be the ongoing contact person for Services NSW.
Beyond Government support
As you can imagine Services NSW is quite busy, so patience in applying may be required.
If you’re in circumstances where you need additional or broader financial support or business advice – beyond the government support package, please reach out for a confidential conversation. We’re here to help.
We’re also mindful that many small business owners are feeling anxious and burnt out, so make sure your own wellbeing is top priority.
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