APPLICATIONS NOW OPEN FOR 2022 SMALL BUSINESS SUPPORT PROGRAM

Applications are now open for the cashflow support program to help eligible businesses with the impacts of Covid-19.

Eligible businesses can receive one payment covering the 4-week period in February,2022 only.

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Eligibility Requirements:

To be eligible to apply you must satisfy the following requirements:

- Have an active ABN

- Have been operating in NSW on 1 January, 2021

- Have an aggregated annual turnover between $75,000 and $50 million for the year ended 30 June,2021 or 30 June, 2020.

- Have experienced a decline in turnover of 40% or more due to Covid:

- During January, 2022,compared to the same period in January 2021 or January 2020

- From 1 to 14 February2022, compared to the same fortnight in February 2021 or February 2020.

- For employing businesses, you must also maintain your employee headcount from 30 January to 28 February,2022.

- For non-employing businesses, you need to show that the business is the primary source of income (50% or more of your total income) for the associated person.

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How much is the payment?

For employing businesses, the payment will be equivalent to 20% of weekly payroll for work carried out in NSW:

- Minimum payment will be $750 per week

- Maximum payment will be $5,000 per week.

To determine weekly payroll, you will need to refer to your most recent Business Activity Statement (BAS) provided to the Australian Taxation Office for a BAS cycle that falls within the 2020-21 financial year.

For non-employing businesses such as a sole trader, you may be eligible to receive a payment of $500 per week.

How do I apply?

You can apply for this payment via the Services NSW website.
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You will need the following to commence your application:

- a MyServiceNSW Account –you can create one when you start your application

- your proof of identity

- your valid ABN/ACN number

- your business banking details for payment

- evidence of your annual turnover and loss of income

- Australian income tax return, or for registered charities, your ACNC Annual Information Statement

- qualified accountant, registered tax agent or registered BAS agent details, where required.

 How do I apply?

You can apply directly online via the Services NSW Website.

Applications close on 31 March, 2022.

For more information, please refer to the Services NSW website.

 If you have any questions, please contact our office via email admin@optimumadvisory.com.au or call 02 9821 2455.

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