With NSW in its fourth week of lockdown, the NSW Government has announced a $5.1 billion business support package. Coinciding with this, the Federal Government will also spend $500 million a week on business and income support while Greater Sydney is in lockdown.
The $5.1 billion package announced by the NSW Government on 13 July 2021 will be made up of:
In addition to the package announced by the NSW Government, the Federal Government will provide $500 million a week on business and income support for impacted workers and businesses.
The first Disaster Payment for NSW is available to eligible workers that reside and work in a NSW COVID-19 hotspot that could not attend work for more than seven days because of COVID-19 restrictions. Eligible workers can claim:
These claims can be made:
However, such claims will only be allowed if the eligible worker has less than $10,000 in liquid assets.
The second lockdown payments for NSW are available to eligible workers in certain areas of NSW that were not able to work for more than 14 days due to being locked down. These workers can claim a second COVID-19 disaster payment even if they have more than $10,000 in liquid assets.
These claims can be made online through myGov from:
From 15 July 2021, workers from the seven LGAs can claim a third COVID -19 disaster payment. Such claims can also be made by workers from other areas of Australia that visited these exposure sites and could therefore not return home and return to work with the stay at home orders pending.
The third lockdown payment for NSW will be available from week four of the lockdown. The COVID-19 Disaster Payment will be increased from:
For entities with an annual turnover between $75,000 and $50 million that can demonstrate a 30 percent decline in turnover and maintained their full time, part time and long term casual staffing level as of 13 July 2021, a new business support payment of between $1,500 and $10,000 per week will also be available. For businesses that do not have any employees, the business support payment will be $1,000 per week.
This revamped cash flow boost will also be available for other states and territories in the event they face a lockdown.
If you require assistance claiming these concessions or determining if you are eligible, please speak to your adviser or get in touch with the Crowe Tax Advisory team.