ServiceNSW has now released the finer details of eligibility for Micro-Business Grant, with applications opening Monday 26th July 2021 and closing midnight Monday 18th October 2021.
The Micro-Business Grant is designed to provide cashflow for NSW businesses to help cover expenses during the Greater Sydney lockdown.
Eligible businesses with turnover between $30,000 and $75,000 will receive fortnightly payments of $1,500, backdated to 26 June 2021.
To be eligible for the grant, you must:
have an active Australian Business Number (ABN)
demonstrate your business was operating in NSW as at 1 June 2021
have had aggregated annual turnover between $30,000 and $75,000 for the year ended 30 June 2020
this is business income as per your tax return
maintain your employee headcount as at 13 July 2021 – for full time, part time & casuals >12months
have had a decline in turnover of at least 30% over a minimum 2-week period from 26 June 2021 to 30 July 2021, compared to the same period in 2019
you must not have applied for the COVID Business Grant or JobSaver payment
sole traders are NOT eligible for this grant if anyone associated with the business has received the Commonwealth COVID Disaster Payment
sole traders must show business income is primary income source
if you have more than one business under an ABN, you can only claim for one, businesses with separate ABNs can claim per ABN
What You need to Apply:
a MyServiceNSW Account
your proof of identity
your valid ABN
your business banking details for payment
evidence of you annual turnover and loss of income
Australian income tax return or Notice of Assessment to confirm revenue at 30.6.20
Letter from a qualified accountant, registered tax agent or registered BAS agent confirming decline in turnover – where required
There are things to consider to make sure your business gets the government support that it needs from both the State and Federal governments, and there is time to get this done.
Sullivan Dewing will be working through all of your specific circumstances to make sure that you get all the support that you are eligible for.
Please email your client manager directly for specific questions, and know that we are on this for you and will be in touch directly as soon as we possibly can.
Keep your eye out for more alerts to cover any changes.