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Economic Stimulus 2022 – Latest Government Incentives – What can your business receive?



2022 Small Business Support Program - NEW

If you’re a business, sole trader or not-for-profit organisation in NSW and you've been impacted by the Omicron wave of COVID-19, you may be eligible for a payment under the 2022 Small Business Support Program.

The program provides cash flow support to help eligible businesses survive the impacts of COVID-19 and maintain their NSW employee headcount.

Eligible businesses will receive one payment covering the 4-week period of February 2022. Businesses will not receive payment for January 2022.

If you’re an employing business, the payment will be equivalent to 20% of weekly payroll for work performed in NSW:

  • minimum payment will be $750 per week
  • maximum payment will be $5,000 per week.
If you’re a non-employing business, such as a sole trader, you may be eligible to receive a payment of $500 per week.

Eligible businesses can use funds to cover business costs incurred due to the impacts of the Omicron strain of COVID-19 in NSW. These costs may include:

  • salaries and wages
  • utilities and rent
  • financial, legal or other advice
  • marketing and communications
  • perishable goods
  • other business costs.
Applications close on 31 March 2022.

NSW Small Business Fees and Charges Rebate

The NSW Government has announced that the small business fees and charges rebate will increase from $2,000 to $3,000. Eligible employing businesses will be able to use the rebate against 50% of the cost of rapid antigen tests from late March. More information will be available soon.

Sole traders and small business owners must:

  • Have an ABN-registered business operating in NSW; and
  • Have registered for GST; and
  • Have a total Australian wages 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 $2000 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.
Applications end on 30 June 2022.

Dine & Discover NSW Vouchers

The NSW Government has launched Dine & Discover NSW to encourage the community to get out and about and support dining, arts, and recreation businesses.

Once approved as a Dine & Discover NSW business, you’ll be able to accept and redeem vouchers straightaway. You'll be able to do this through the Service NSW for Business app.

Businesses that register to accept Discover NSW vouchers can also accept Parents NSW vouchers.

Takeaway businesses are eligible to register for the scheme.

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

Alfresco Restart Rebate

If you are a small or medium food and beverage business wanting to create or expand your outdoor dining area, you may be eligible for a $5,000 rebate under the NSW Government’s Alfresco Restart package.

The rebate is available to the first 5,000 eligible small or medium food and beverage businesses that register.

There are 2 steps involved in the Alfresco Restart rebate:

1. Register for the rebate

  • Businesses must first register to confirm their eligibility.
  • Registrations will close when 5,000 businesses have successfully registered
2. Claim the rebate

  • Businesses that have successfully registered can claim their rebate from April 2022 for expenses incurred from 14 October 2021 to 30 June 2022.
  • Registered businesses will receive an email when the claims process opens.
  • Claims must be made by 30 June 2022.
NSW Commercial Landlord Hardship Grant

The NSW Government has announced that this grant has been extended until 13 March 2022. Applications for eligible landlords who provided rent relief from 15 November 2021 to 13 January 2022 are now open.

Grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental waivers to affected tenants. Rent waived must comprise at least half of any rental reduction provided. The remaining portion may be a rental deferral. The grant does not apply to rent deferrals. For more information, see the guidelines.

Grants will be paid as a lump sum amount for the rent waived from:

  • 1 August to 14 November 2021
  • 15 November 2021 to 13 January 2022
  • 14 January to 13 March 2022, subject to a separate application. Applications for this period will open from late March 2022.
Applications close 31 May 2022

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.

Scheme will end on 6 October 2022.

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.

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