NSW COVID-19 business assistance

NSW COVID-19 ASSISTANCE

What government support is available to NSW business?

welcome we are open signIf your business has been adversely impacted by the recent lockdown in NSW, support is available.

On 13 July 2021 the NSW and Federal Governments announced their economic support package aimed at supporting businesses and residents with the recent COVID-19 lockdown.

We've outlined the key economic support measures being offered for dealing with the economic ramifications of the health and safety requirements currently being experienced by our community.

A copy is available on our website under Client Tools/Fact Sheets »

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NSW COVID-19 assistance

Snapshot of NSW COVID-19 assistance

On 13 July 2021 the NSW and Federal Governments announced their economic support package aimed at supporting businesses and residents with the recent COVID-19 lockdown.

NSW flagOutlined below is a snapshot of the key economic support measures being offered to those dealing with the economic ramifications of the health and safety requirements currently being experienced by the community.

Please refer to the administering body for the specific eligibility criteria and application process as applicable.

Businesses can register their interest in the key business support measures that are administered by Service NSW here » 

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years

Drought, bushfires and floods have ramped up the volume of insurance claims. 

floodMost people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes - but this is not always the case.

Insurance payouts for damaged or destroyed personal items are generally not taxed. For example, any insurance payout you receive for your family home won't necessarily be taxed. But, the rules are different if you have used your home to produce an income, for example, you have used part of your home as a home business or you have rented out part of your home.

The rules are also different if the item is a personal asset costing more than $10,000 or if the asset is a collectible that cost more than $500. Where the insurance proceeds exceed the original cost of the asset, that is, the asset appreciated in value, then capital gains tax might apply.

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NSW COVID-19 support packages

Major new COVID-19 support package to help NSW businesses

The NSW Government has announced a major new grants package and Dine & Discover changes to help small businesses and individuals across NSW impacted by the current COVID-19 restrictions.

Major new COVID-19 support package to help NSW businessesThe package includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers, an extension of the Dine & Discover program to 31 August 2021 and the ability for people to use Dine & Discover vouchers for takeaway delivered directly to their home by the venue itself.

The centrepiece of the package is the small business support grants which will help businesses by alleviating cashflow constraints while trading is restricted. This can be used for business expenses such as rent, utilities and wages, for which no other government support is available.

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Work from home expenses

Work from home expenses under scrutiny and the perils of browsing Facebook

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.

Work from home expenses under scrutiny The ATO has stated that it is looking very closely at work related deductions that are being claimed. If you are claiming your expenses, there are three methods you can use:
  • An 80 cents per hour short cut method (you will need to have evidence of hours worked like a timesheet or diary)
  • The 52 cents per hour method (which excludes phone, internet, or the decline in value of equipment which are all claimed separately), or
  • The actual expenses method.

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