Business advice
and accounting

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

Your partners for Business Service and Advisory, Taxation, Audit, Fraud and Risk.

Whatever your business, industry or family office, from local or international institutions we bring extensive expertise.

We're one team with a purpose and passion for what we do. Learn about our culture and career opportunities available to you.

Uncovering insights, trends and inspiration to help business grow in an ever-changing world.

We are always looking for ways to engage and give back to our community.

Telephone: +612 9283 1666
Email: admin@esvgroup.com.au

Level 13, 68 York Street,
Sydney NSW 2000

Why us

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

What we do

Your partners for Business Service and Advisory, Taxation, Audit, Fraud and Risk.

Who do we help

Whatever your business, industry or family office, from local or international institutions we bring extensive expertise.

Work with us

We're one team with a purpose and passion for what we do. Learn about our culture and career opportunities available to you.

What we think

Uncovering insights, trends and inspiration to help business grow in an ever-changing world.

Working to give back

We are always looking for ways to engage and give back to our community.

Contact us

Telephone: +612 9283 1666
Email: admin@esvgroup.com.au

Level 13, 68 York Street,
Sydney NSW 2000

29 June 2021

by David Prichard

Business support package announced for NSW

New South Wales Treasurer Dominic Perrottet has announced a business support package to help combat the current Sydney Lockdown. To be eligible, businesses will need to show they have suffered a reduction in turnover, compared to a similar period, because of the state lockdown with funds being made available from 19 July.

To be eligible:

  • Small businesses and sole traders must have fewer than 20 full-time employees, payrolls up to $1.2 million and annual turnover of over $75,000; or
  • For businesses in the tourism, hospitality and accommodation sectors, they will be eligible with payrolls of up to $10 million.

Businesses meeting the above eligibility criteria will receive a payment that is dependent on the reduction in turnover suffered:

 

Reduction in Turnover Payment
More than 70% $10,000
More than 50% but less than 70% $7,000
More than 30% but less than 50% $5,000

 

The exact criteria for what constitutes a “similar period” is yet to be released.

The Treasurer announced a letter will be needed from a business’s accountant detailing the downturn in turnover.

Hotel operators are being offered a deferral on the payment of their payroll and gaming tax liabilities until August, providing these businesses with cashflow at this time.

Other announcements made on June 29 include an extension for the Dine and Discover vouchers until 31 August (it had already been extended to 31 July) including allowing use for takeaway and delivery.

The NSW Government support will be offered in addition to the Commonwealth’s Covid-19 Disaster Payment, which Prime Minister Scott Morrison said will be made to affected workers from 1 July.

After day 8 of lockdown, workers who are unable to work because of lockdown restrictions in a Commonwealth-declared hotspot and who meet the eligibility criteria will be able to receive $500 a week if they lost 20 or more hours of work or $325 if they lost less than 20 hours.

Eligible workers are Australian citizens, residents and visa holders who are permitted to work in Australia and aged 17 years and older.

The above announcements follow quickly on the back of the NSW State Budget where it was announced that the Payroll Tax cuts will be continuing for the next year with the rate remaining at 4.85% and the threshold $1.2m.

As part of the State budget the following announcements were also made:

  • a continuation of the $1,500 fees and charges rebate scheme to help small businesses cover the cost of NSW and local government fees and charges and is available until 30 June 2022; and
  • a new $50 million CBD Friday voucher program that will offer four $25 vouchers for use towards dining and entertainment experiences in the Sydney CBD on Fridays.

The State Budget failed to provide any further guidance as to the proposed changes to property taxes, however, this was to be expected given that the feedback period doesn’t end until 30 July.

ESV are here to help our clients navigate through this period, please reach out to your ESV Engagement Partner if you have any questions, we are here to help.