Economic Stimulus 2021 – Latest Government Incentives – What can your business receive?

NSW Small Business Fees and Charges Rebate

Financial incentives offered by the NSW Government include eligible businesses being offered up to $1500 in rebates to offset the cost of specific NSW state and local government fees and charges incurred during the running of a business.

Sole traders and small business owners must:

• Have an ABN-registered business operating in NSW; and
• Have registered for GST; and
• Have an annual turnover of $75,000 minimum; and
• Have a total Australian payroll below the NSW Government payroll tax threshold in 2020-21 of $1.2 million.

Whilst running a business, NSW state and local government fees and charges befall most small business owners and sole traders: costs such as council rates, outdoor seating fees, event fees, food authority and liquor licences and tradesperson licences.

Eligible applicants can lodge multiple claims – as these types of expenses arise and are paid – until the $1500 rebate cap is reached.

The NSW Government stipulates that for a fee or a charge to be eligible, it must be due and paid from 1 March 2021.

There are some costs that may NOT be claimed:

• Commonwealth Government charges
• Any government premises rental amounts
• Commonwealth Government taxes
• NSW Government taxes
• Any fines or penalties
• Fees and charges incurred with the purpose of changing a small business owner or sole trader’s behaviour, such as but not limited to parking space levies (Transport for NSW), compliance and capacity risk loadings (Liquor & Gaming NSW), environmental prevention and clean-up notice fees and general trading licence fees.

            Click on the link below if you are a business owner for you to receive the NSW Small Business Fees and Charges Rebate

            https://app.hellosign.com/s/C14bVnW3

            Applications end on 30 June 2022.

SME Recovery Loan Scheme 

The SME Recovery Loan Scheme was developed to aid small- and medium-sized enterprises that have an annual turnover of less than $250 million. All applicant businesses must have accessed JobKeeper during the first quarter between 4 January 2021 and 28 March 2021.

A loan under the SME Recovery Loan Scheme may be used for a broad range of business means, including but not limited to:

• Supporting investment
• Re-financing pre-existing debt*, including SME Guarantee Scheme amounts (*Check eligibility criteria)
• Purchasing commercial property

            What is on offer?

• Up to $5 million in loan finance (in addition to any Phase 1 and Phase 2 loan limits)
• Government guarantee of 80% of the loan amount
• Lenders will offer up to 24 months of repayment ‘holiday’
• Loans for terms of up to 10 years (with an optional repayment ‘holiday’)
• Interest on loans will be capped at 7.5% per annum

Loans issued under this scheme may NOT be used for purchasing residential property, for purchasing financial products, to lend to another entity nor to lease, rent or hire existing assets that are more than 50 per cent depreciated.

            Phone YML Finance on (02) 83834466 if you are a business owner for you to receive a SME Recovery Loan

            Applications end on 31 December 2021.

2021 COVID-19 NSW Business Grant

NSW businesses, sole traders and not-for-profit organisations who have experienced financial hardship due to public health ordered restrictions may be eligible for a one-off business grant to assist you with paying business expenses incurred from 1 June 2021:

Total Grant Amount	Decline in Turnover
	Minimum 2-week Period from 26 June 2021 to 17 July 2021 compared to: the same period in 2019, or the same period in 2020, or the 2 weeks immediately prior to any restrictions of 12 June to 25 June 2021 (inclusive).
$7500	30 per cent or greater
$10,500	50 per cent or greater
$15,000	70 per cent or greater

 

To receive this business grant, it is expected that organisations maintain their staffing level – full-, part-time and casual – as of 13 July.

Businesses, non-employing and employing, with an annual turnover of between $75,000 and $50 million on 30 June 2020, as well as having total annual Australian wages of $10 million or less may apply.

            Click on the link below if you are a business owner for you to receive the 2021 COVID-19 Business Grant

            https://app.hellosign.com/s/FAUESBBG

            Applications end on 13 September 2021.

JobSaver Payment

JobSaver is a payment to support cash flow for impacted businesses and enable those employers to maintain their NSW employee headcount (as of 13 July 2021).

Eligible employers may receive fortnightly payments backdated to cover costs from week 4 (from 18 July 2021) of the Greater Sydney lockdown.

A minimum $1500 per week to a maximum $10,000 per week is available and is equivalent to 40 per cent of the weekly NSW payroll as determined by your most recent Business Activity Statement (BAS) provided to the Australian Taxation Office (ATO) by 26 June 2021 compared to:

• the same period in 2019, or
• the same period in 2020, or
• the 2 weeks immediately prior to any restrictions, 12 June to 25 June 2021.

Eligibility criteria include having a national aggregated annual turnover of between $75,000 and $50 million for the year ended 30 June 2020.

Individuals running a business with no employees must show that they are the sole earner of that business may also be eligible for $1000 per week from week 4 (from 18 July 2021) of the Greater Sydney lockdown.

            Click on the link below if you are a business owner for you to receive JobSaver

            https://app.hellosign.com/s/8VFDXz2Z

            Applications end on 18 October 2021.

2021 COVID-19 Micro-business Grant

The Federal Government will support eligible NSW micro-businesses with a fortnightly payment of $1500 per fortnight during the current Greater Sydney lockdown. To receive a cash flow boost to assist you with paying business expenses incurred from 1 June 2021, you must meet certain reduction-in-turnover criteria.

Businesses, non-employing and employing, holding an Australian Business Number (ABN) and with an annual turnover of between $30,000 and $75,000 on 30 June 2020, may be eligible if they show a two-week period within the period of restrictions (commenced 26 June 2021 where turnover reduced by at least 30 per cent or more compared to:

• the same period in 2019, or
• the same period in 2020, or
• the 2 weeks immediately prior to any restrictions of 12 June to 25 June 2021 (inclusive).

            Click on the link below if you are a business owner for you to receive the 2021 COVID-19 Micro-business Grant

            https://app.hellosign.com/s/3b5wKxxM

            Applications end on 18 October 2021.

JobMaker Scheme

The JobMaker Scheme offers an incentive for small- and medium-sized businesses to expand their workforce and employ younger Australians in need of a job and, in turn, deliver growth potential for those businesses.

Eligible employers must register with the Australian Taxation Office (ATO) who are administering the scheme. JobMaker Hiring Credits are paid each quarter – from 1 February 2021 – for each eligible additional employee hired from 7 October 2020 until 6 October 2021.

Eligible employers may receive a JobMaker Hiring Credit of $200 a week for an employee aged 16 years to 29 years of age AND $100 a week for an employee aged 30 years to 35 years of age.

            Click on the link below if you are a business owner for you to receive JobMaker

            https://app.hellosign.com/s/8qkWmCLT

            Payment applications deadline ends on 6 October 2022.

2021 COVID-19 Land Tax Relief

NSW residential and commercial landlords who provide rent relief – between 1 July 2021 and 31 December 2021 – for tenants experiencing financial hardship can apply for up to 100 per cent land tax deduction for the 2021 land tax year. This financial relief is intended to reduce a landowner’s land tax payable for 2021.

A commercial landowner must be leasing land to a commercial tenant with an annual turnover of up to $50 million and who is eligible to receive a COVID-19 Micro-business Support Grant, the 2021 COVID-19 NSW Business Grant and/or the JobSaver Payment.

            Click on the link below if you are a landowner to receive 2021 COVID-19 Land Tax Relief. 

            https://app.hellosign.com/s/HXQwUBL9

            Applications end on 31 January 2022.

Small Business COVID Hardship Fund | Business Victoria

The Victorian Government’s Small Business COVID Hardship Fund will assist eligible small and medium businesses:

• whose operations have been severely impacted by COVID-19 restrictions that have been in place since 27 May 2021
• that have experienced at least a 70% reduction in turnover as a result of the COVID-19 restrictions
• that are ineligible for other key COVID-19 Victorian Government business grant programs that have been announced since 27 May 2021.

The program offers grants of $14,000 to eligible small and medium businesses, including employing and non-employing businesses. This program will allow more businesses who have previously not received support, to receive financial relief now.

            Click on the link below if you are a business owner to receive Small Business COVID Hardship Fund | Business Victoria.

            https://app.hellosign.com/s/CseyEPmy

            Applications end on 10 September 2021.

NSW Performing Arts COVID-19 Support Package

Urgent financial assistance is available now for the performing arts industry, including venues, producers, promoters who have had to postpone or cancel performances due to public health ordered restrictions from 26 June 2021 to 30 September 2021.

For eligibility criteria, please see the NSW Government’s guidelines: Guidelines_NSW-Performing-Arts-COVID-Support-Package.pdf (kinstacdn.com)

            Click on the link below if you are a business owner to receive NSW Performing Arts COVID-19 Support Package.

            https://app.hellosign.com/s/9y05aJr8

            Applications are now open (since 23 July 2021).

Dine & Discover NSW Vouchers

The NSW Government continues its Dine & Discover NSW voucher program. These vouchers can be used at participating NSW businesses in the hospitality industry. Any NSW resident aged 18 years and over may apply for the vouchers.

Each applicant may receive:

2 x $25 Dine NSW vouchers for takeaway meals, restaurants, cafes, bars, wineries, pubs and clubs, as well as,

2 x $25 Discover NSW vouchers for entertainment, recreation, cultural institutions, live music events and arts venues.

Vouchers are available to all NSW residents aged 18 or over and are valid to 30 June 2022.

Takeaway businesses are now eligible to register for the scheme. For more info visit the link below.

https://www.service.nsw.gov.au/transaction/register-business-dine-discover-nsw

NSW Payroll Tax Relief

NSW payroll tax liabilities are currently deferred for all NSW employers until 7 October 2021.

            Phone YML Chartered Accountants on (02) 83834400 for precise reinstatement to ensure you resume your payments on time.

The NSW Government has announced – not yet finalised – a financial incentive to assist businesses with payroll tax during the 2021-22 financial year. For payroll tax customers with a total 2021-22 Australian wages amount of up to $10 million and whose annual turnover can be shown to have declined by at least 30 per cent, their annual payroll tax liability would be reduced by 25 percent.

The NSW Government will provide full more information on this 25 per cent reduction when the 2021/2022 annual reconciliation becomes available.

NSW Support for Accommodation Providers

Accommodation provider support payments will be available in late September 2021 for eligible tourism accommodation providers that have lost business during the school holiday period. Assistance will be based on the number of cancelled room nights.

How much

• $2000 for up to 10 room nights.
• $5000 for 11 or more room nights.

Eligibility

• For room nights lost during the 25 June to 11 July period.
• Must be able to show evidence of cancellations.

2021 COVID-19 Business Support Grants for lockdown-impacted businesses in Queensland

A joint Queensland and Australian Government support package for Queensland businesses has been announced. The package includes support for non-employing sole traders and expands on support for eligible small and medium businesses, and large tourism and hospitality businesses.

Successful applicants will receive the total value of the boosted grants ranging from $1,000 to $30,000 depending on your business or not-for-profit organisation.

            Phone YML Chartered Accountants on (02) 83834400 if you are a business owner for you to receive a 2021 COVID-19 Business Support Grants for lockdown-impacted business in Queensland.

            Applications end on 16 November 2021.

How can YML help?

Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with government financial assistance. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.