Under a new combined support package, announced on 13 July by the NSW Government, the COVID-19 Disaster Payment will be further expanded and increased. The Commonwealth and NSW will also enter into a new 50/50 cost sharing arrangement for a new business support payment to be implemented and administered by NSW.
From week four of a lockdown because of a Commonwealth Government declared hotspot, the COVID-19 Disaster Payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 and less than 20 hours of work a week.
The Commonwealth and NSW have also agreed that from 18 July 2021 the COVID-19 Commonwealth Disaster Payment will be available to those outside Commonwealth declared hotspots in NSW that meet the criteria for the payment.
The NSW Government will fund any payments outside a Commonwealth declared hotspot, with the Commonwealth continuing to fund payments to recipients in a Commonwealth declared hotspot.
This support will be offered to any other state or territory that experiences an extended lockdown.
A new business support payment will also be available to entities with an annual turnover between $75,000 and $50 million who can demonstrate a 30 per cent decline in turnover.
To receive the payment, eligible entities will be required to maintain their full time, part time and long term casual staffing level as of 13 July 2021.
Eligible entities, which includes not-for-profits, will receive payments of between $1500 and $10,000 per week based on the level of their payroll.
For non-employing businesses, such as sole traders, the payment will be set at $1000 per week.
The new small business support payment combined with the substantial income support being provided through the COVID-19 Disaster Payment will mean businesses and individuals who have been affected by this extended lockdown will get the support they need to get to the other side.
The Commonwealth and NSW governments will also deliver a $17.35 million mental health support package for NSW including services through Lifeline, headspace and Kid’s Helpline.
More information will be available on the Service NSW website later this week.
Our expert team of accountants and bookkeepers are keeping up with the latest news and are ready to help you.
Act quickly and get in touch with us today.
Source: NSW Government
Most people have a fairly clear idea of what they would like to happen to…
Running a business comes with periods of growth, uncertainty and change. While some challenges are…
Starting a small business often begins with excitement. There's a business idea to bring to…
Starting and growing a business comes with no shortage of responsibilities. Finding customers, managing cash…
If you've been keeping an eye on the financial news, you've probably come across the recent changes to SMSF property…