Finance News
NSW Covid Relief Details
15 Jul 2021

With the spread of the delta variant of COVID-19 through NSW and lockdowns being extended, the Federal and State Government have come to the party with a range of measures designed to ease the strain on individuals and businesses. As is always the case with these, at this stage only announcements have been made but nothing concrete about the application process or the detailed eligibility requirements. However, here is a summary of the measures announced at this stage: –

  • Payments of between $1,500 to $10,000 per week from 19 July for NSW businesses with turnovers between $75,000 and $50 million. In effect this payment commences from the fourth week of lockdown and will be paid to businesses who can verify a 30% drop in turnover over a 2 week period compared to the same period in 2019. The payment will be capped at 40% of the business’ NSW payroll payments and will require NSW businesses to maintain the same staffing levels for all employees as at 13 July 2021.
  • Non-employing businesses like sole traders will receive $1,000 per week if it satisfies the same drop in turnover test.
  • Micro businesses with turnovers between $30,000 to $75,000 will receive a $1,500 per fortnight payment from week 1 of lockdown if they satisfy the 30% drop in turnover requirement.
  • Deferral of payroll tax liabilities for all businesses for 2 months. Businesses who suffered a 30% drop in turnover and pay wages between $1.2 million and $10 million will receive a 25% waiver of their payroll tax liability.
  • Eligible businesses with turnovers below $10 million will receive grants between $7,500 to $15,000 to cover for loss incurred over the first three weeks of lockdowns.
  • Increase in the COVID-19 disaster relief payments for impacted individuals. The payment will increase from $500 to $600 for those who have lost more than 20 hours per week of work and from $325 to $375 for those who have lost between 8 to 20 hours per week of work. This payment has been extended to all NSW residents and not just those in the COVID hotpots.

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