There are many relief packages available for businesses effected by COVID-19. We recommend talking to your Accountant regarding your circumstances. Some things you may be eligible for, include:
Boosting Cash flow for Employers
Instant Asset Write Off
Small Business NSW Grant
If your business is affected by the coronavirus, you may be eligible to access the JobKeeper payment to assist you to be able to continue paying your employees. Employers can choose to participate in the scheme and then nominate all the employees they are entitled to claim for. An employer can choose not to participate in the JobKeeper payment.
The ATO will provide tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.
Businesses will be eligible to receive the cash flow boost if:
you are a small or medium business entity or Not For Profit of equivalent size (that is, an entity with aggregated annual turnover less than $50 million)
you held an Australian business number (ABN) on 12 March 2020.
made payments to employees subject to withholding (even if the amount you were required to withhold was zero), such as
salary and wages
eligible retirement or termination payments
voluntary withholding from payments to contractors
were required to pay an amount in relation to alienated personal services income you received (even if the amount you were required to pay was zero)
on or before 12 March 2020, you lodged at least one of
a 2019 tax return showing that you had an amount included in your assessable income in relation to you carrying on a business
an activity statement or GST return for any tax period that started after 1 July 2018 and ended before 12 March 2020 showing that you made a taxable, GST-free or input-taxed sale.
If your small business or not-for-profit organisation has experienced a decline in turnover as a result of COVID-19, you may be eligible for a small business recovery grant of between $500 and $3000.
This grant helps small businesses meet the costs of safely reopening or up-scaling operations. These expenses include, but are not limited to:
fit-out changes and temporary physical changes (for example, plastic barriers at checkouts)
staff training and counselling
business advice and continuity planning
cleaning products and additional cleaning services
additional equipment necessary to comply with social distancing or other public health measures
marketing, communications and advertising
digital solutions (for example, e-commerce or business websites).
This grant can only be used for purchases of eligible expenses made from 1 July 2020, and only where no other government support is available.
To be eligible for this grant, you must as at 1 March 2020:
be a small business or a not-for-profit organisation (see guidelines) based in NSW
have an ABN registered in NSW (make sure all your business details are up to date on the Australian Business Register - this is used to determine eligibility)
have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence).
Where a small business does not submit a BAS to the Australian Tax Office, and meets all other criteria, the small business should contact Service NSW to discuss further. In these cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000.
employ less than 20 full-time equivalent (FTE) staff (non-employing businesses can apply)
be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
be in a highly impacted industry by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 (see guidelines)
have experienced at least 30% decline in turnover from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019
have costs associated with safely reopening or up-scaling your business from 1 July 2020.
Note: Applications close 11:59pm Monday 31 August 2020.