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COVID – NSW Support Update

An increasing number of clients are contacting us to check their eligibility for NSW Support payments as a result of decreased turnover due to the effects of the extended lockdown.

A summary of the NSW Support entitlements as at 18 August 2021 are:

1. Business Grant

Eligible applicants are sole traders and employing entities with an annual turnover of more than $75,000 operating in NSW on 1 June 2021.

This is a one-off payment to provide businesses with cash flow support during the first 3 weeks of the Greater Sydney Lockdown from 26 June 2021 to 17 July 2021.

The Business Grant amount is based on the decrease in turnover;

  1. 30% to 49% - $7,500

  2. 50% to 69% - $10,500

  3. 70% and over - $15,000

The grant is based on decreased turnover during a minimum two week period, compared to the same period in 2019 or 2020 or the two week period immediately before the lockdown commenced from 12 June 2021 to 25 June 2021.

Applications for NSW Business Grant close 13 September 2021.

2. JobSaver

Eligible applicants are sole traders and employing entities with an annual turnover of more than $75,000 operating in NSW on 1 June 2021.

The only requirement for the JobSaver payment is a 30% decrease in turnover. The same comparison periods for the Business Grant canapply to the JobSaver payment.

JobSaver provides cash flow support for costs incurred after 18 July 2021.

The JobSaver payment is based on 40% of weekly payroll for NSW employees.

The minimum JobSaver payment is $1,500 per week. The maximum JobSaver payment is $100,000 per week.

The weekly payroll is calculated using the most recently lodged BAS before 26 June 2021. This is the March 2021 BAS for most clients.

Example; If the gross wage amount per week x 40% is less than $1,500 per week the employer entity is paid a $1,500 per week JobSaver payment.

If the calculated JobSaver payroll amount exceeds $1,500 per week you will be paid the higher JobSaver amount.

Sole traders with no employees are eligible for the $1,000 per week JobSaver payment.

Applications for NSW JobSaver close 18 October 2021.

3. How Bongiorno can help

Please contact us if you feel your turnover may have decreased by more than 30% due to the Greater Sydney lockdown.

Last year the Job Keeper payment paid by the Federal Government through the ATO was a national financial support payment. Registered tax agents could apply for the funding for their clients through the ATO portal.

The NSW Business Grant and JobSaver payments are administered by Service NSW. The application is completed and lodged by our clients.

We can provide all the necessary financial calculations and accountants letters to support your application. Our covering email will also provide the information for filling in your Service NSW application.

Clients are advising they are completing the application using the information in our email and letter within 15 minutes and Business Grants and / or JobSaver payments are being deposited in their nominated bank account within days.

If you are experiencing difficulties with completing the application please contact your Director or Consultant.

4. Continuing tax obligations

Your BAS for the quarter 1 April 2021 to 30 June 2021 is due for lodgement by 25 August 2021. Please forward any outstanding information to enable us to complete your BAS by the due date.

Your next BAS for the quarter 1 July 2021 to 30 September 2021 may include the decreased turnover. Where applicable, we can vary your PAYG tax instalment to an appropriately decreased amount for that quarter if required.

The best method to contact your adviser is their email or calling our business number on 9326 2788 and our reception will arrange for a return call.

We look forward to meeting you in our new office at 179 New South Head Road, Edgecliff when the lockdown is removed.

All the best from the Bongiorno Team.