New COVID-19 Grants – At a Glance

KEY TAKE-OUTS

The NSW Government has recently announced a new grant scheme in light of the current 2-week lockdown. There are two separate phases to the scheme as outlined below.

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The Small Business COVID-19 Support Grant

Three separate grants are coming into effect on 1 July 2021 to assist small businesses.

To be eligible to access the grants, small businesses must:

• Have a turnover of more than $75,000 per annum;
• Be below the 2020-21 payroll tax threshold of $1,200,000 as of 1 July 2020;
• Have fewer than 20 full-time equivalent employees; and
• Have ABN registered in NSW or demonstrate they are physically located and primarily operating in NSW.

How Much Can I Claim?

The below sets out the eligibility criteria for the grants, which are available all across NSW:

Decline in Revenue	Claim Amount
70%	$10,000
50%	$7,000
30%	$5,000

The Hospitality and Tourism COVID-19 Support Grant

To be eligible to access the grants, tourism or hospitality businesses must:

• Have a turnover of more than $75,000;
• Have an annual Australian wages bill of below $10 million as of 1 July 2020; and
• Have an ABN registered in NSW or demonstrate they are physically located and primarily operating in New South Wales.

The full eligibility criteria will be available in the coming days on the Service NSW website.

Other key elements of the support packages announced recently include:

• The extension of Dine & Discover vouchers to 31 August 2021;
• The availability of Dine & Discover vouchers to be used for takeaway;
• An optional deferral of payroll tax payments due in July 2021;
• Deferral of the hotel June quarter gaming machine tax (with the Chief Commissioner of State Revenue able to provide for appropriate repayment arrangements on a case by case basis).

Coutts will keep across the announcement of the full eligibility criteria, and any further information, as it becomes available and will be located on our website.

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