Octd 10 Update Government support for small business|Wilson & Assoc Chartered Accountants

October 10 Update on Small Business Financial Support

Changes to JobSaver and Micro-business grant payments.

From 10 October when NSW reaches 70% double vaccination, JobSaver payments will be reduced from 40% to 30% of business weekly payroll, with minimum payment of $1,500 to 100,000.

When double vaccination reaches 80% starting, JobSaver payment will reduce to 15% of weekly payroll starting from 24 October.

For regional NSW, the change will take effect from 31 October 2021.

Micro-business grant will drop from $1,500 to $750 a fortnight when double vaccination reaches 80% starting from 30 October.

Both payments will cut out on 30 November 2021.

Updates on Small business fees and charges rebate

The rebate has been increased from $1,500 to $2,000 starting from November. The Government also now allow businesses to claim road tolls under this rebate.

This rebate is available until 30 June 2022.

Stock Guarantee Compensation

The NSW Government is providing further financial assistance for businesses to compensate the loss of perishable stock if they are forced to go into lockdown between 1 December 2021 and 31 January 2022 due to public health orders.

How much

•   A grant of up to $20,000 for loss of perishable stock. OR

•   Receive a claim of $10,000 for reduced capacity to sell non-perishable items.

Eligibility

•   For business with annual turnover between $75,000 and $50 million.

We will provide more details on eligibility and how to apply once they are available.

Source: Service NSW

 

About Wilson & Assoc

Wilson & Assoc Chartered Accountants provides taxation and business advisory services to individuals, investors and businesses wherever you are based. We provide specialist services to startups and health care providers.

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Information provided on this website is general information only and should not be treated as professional advice.  You may not rely on the basis of currency or accuracy of the information. We disclaim liability to all persons or organisations for any loss or damage suffered as a result of such reliance.  Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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