NSW & Commonwealth Governments' economic support package
Category: General Updates
The NSW and Commonwealth Governments have today announced a comprehensive economic support package aimed at helping businesses and people right across the state fight through the current COVID-19 lockdown.
Key components of the 2021 COVID-19 package include:
👨👩👦 An extension of individual support payments to $600 per week if you have lost more than 20 hours work, and $375 per week if you have lost between 8 and 20 hours of work;
💼 An extension to the previously announced business grants program. This means eligible businesses with Australian wages below $10 million can claim grants between $7,500 and $15,000 to cover the first three-weeks of restrictions;
👨🏫 Up to $2 billion committed to the scheme to provide cashflow support to businesses to help them retain staff, to be delivered together with the Commonwealth;
💰 Payroll tax waivers of 25 per cent for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans;
💵 A new grants program for micro businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 per cent. The businesses will be eligible for a $1500 payment per fortnight of restrictions.
🏡 A capped grant of up to $1,500 for residential landlords who are not liable to pay land tax who reduce rent for tenants estimated at $210 million;
🏣 Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100 per cent of the 2021 land tax year liability;
⚖️ Introduction of legislative amendments to ensure a short-term eviction moratorium for rental arrears where a residential tenant suffers loss of income of 25 per cent due to COVID-19 and meets a range of criteria.
❌ No recovery of security bonds, or lockouts or evictions of impacted retail and commercial tenants prior to mediation;
🏢 Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2021;
🎨 A $75 million support package for the performing arts sector to be administered by Create NSW;
🏘️ A support package for the accommodation sector worth $26 million;
🏨 $12 million in additional funding for temporary accommodation for those at risk of or experiencing homelessness, and
🏥 $5.1 million in NSW funding to support mental health.
Further information on individual support payments, including how to apply, will be provided on the Services Australia website shortly, and information on business support payments can be found through the Service NSW website.