NSW’s Economic Response COVID19

2 June

Small Business Support Grants

Based on strategies tested during the NSW bushfires, NSW small businesses can now apply for up to $10,000 grants as part of the Small Business Support Fund. The Fund provides fast relief for urgent business outgoings during COVID-19, such as utility bills, salaries or to access legal or financial advice to support continuity planning.

Read more at nsw.gov.au

Additional Small Business Support

Small businesses temporarily closed due to COVID-19 may be eligible for full electricity and gas tariff relief under a financial support package organised by Energy Networks Australia.

Support for Tenants & Landlords

A $440 million land tax relief package has been put into effect following the publication of new regulations, providing land tax discounts for eligible landlords who reduce rent to support tenants in need. The Government has given effect to the National Code of Conduct for commercial tenancies impacted by COVID-19, which will operate for a temporary period during the pandemic and includes a ban on the termination of a lease for non-payment of rent. The NSW Small Business Commission supports mediation between commercial parties and has received a $10 million funding boost to support rental negotiations.

Expenses & Investment

Eligible business owners have the option to immediately deduct purchases of eligible assets costing less than $150,000 each, through the Instant Asset Write-Off scheme. Small and medium-sized businesses and eligible not-for-profits, including charities can receive a tax-free payment for an amount from $20,000 up to $100,000. Six-months relief for financially distressed businesses including more time to respond to demands from creditors and relief for directors from any personal liability for trading while insolvent.

Paying current government suppliers in advance

NSW Treasury will support the immediate payment of all current suppliers in advance of the contracted payment terms as part of its Faster Payments scheme.

A $1 billion Working for NSW fund a source of financing for 1000 new staff for Service NSW as a start.

Payroll Tax Relief

All businesses have been given the option to defer payroll tax for six months. In addition, small businesses can receive a 25 per cent reduction in their payroll tax liability for 2019-20. The payroll tax threshold has also been increased from $900,000 to $1 million from 1 July 2020.

Further information can be found at revenue.nsw.gov.au

Gaming & Wagering tax deferral

Clubs and hotels will have their gaming machine tax payments deferred from March 2020 until 1 September 2020. Lotteries and Keno payments will be deferred from 1 April 2020 to 30 September 2020.

Parking space levy deferral

Parking space levy payments will be deferred until 30 September 2020.

Fees & Charges

A range of fees and charges waived for small businesses including bars, cafes, restaurants and tradies including:

  • deferral of gaming tax for clubs, pubs and hotels, and lotteries tax for six months, conditional on these funds being used to retain staff
  • deferral of the parking space levy for six months.

Deferral of rents Government-owned properties

A deferral for six months for commercial tenants with less than 20 employees in all Government-owned properties.