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New round of government supports announced for small business Posted on February 19, 2022
Some have said that ‘living with COVID’ has been worse for business than lockdowns. Thankfully, those worst affected over the summer period are now able to access the NSW government’s 2022 Small Business Support Program as well as extended financial relief programs. Here’s the what and how…
- The 2022 Small Business Support Program is for the month of February only. Employing businesses are eligible to receive 20% of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5000 per week. Non-employing businesses will receive $500 per week, paid as a lump sum of $2000.
- The Small Business Fees and Charges rebate program is extended to $3000, and can include 50% of the costs incurred to acquire RAT’s for the workplace. The rebate can offset government expenses that include, but are not limited to food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates, road user tolls for business use.
- NSW small business owners affected by COVID-19 hardships will continue to receive rent relief until 13 March 2022. Small commercial and retail tenants that would have continued to qualify for JobSaver or the Micro-business Grant after 30 November 2021, will remain eligible for rent relief negotiations with their landlords. Eligible landlords can access the Commercial Landlord Hardship Fund, which provides small commercial or retail landlords with a monthly grant up to the value of any rental relief provided, to a maximum of $3,000 per month per property.
- Treasurer Josh Frydenberg confirmed the federal government would look to ensure COVID-19 testing expenses are tax-deductible and that fringe benefits tax (FBT) will not be incurred by employers where COVID‑19 tests are provided to employees for this purpose.
Xero has recently released an updated COVID-19 Business Support tool. The calculator presents the change in turnover between the selected periods and assesses the qualification for available government grants. AdviceCo is proud to be a platinum Xero member. If you would like assistance to get the most out of your accounting software, please contact us on [email protected]