Support for businesses - NSW
The New South Wales (NSW) Government has announced measures to support businesses impacted by COVID-19. Below is a summary of each measure.
The information contained below is current as of 17 April 2020 and is provided for general guidance only. The information contained in this document is not specific to any individual or business, and should not be relied upon. You should obtain independent professional advice to ensure that any information is relevant to your circumstances.
Small business support grant
Up to $10,000 is available for highly impacted NSW businesses that have 1-19 employees, a turnover of more than $75,000 and payroll below the tax threshold of $900,000. For further information and to apply, visit the Service NSW website.
Combatting Social Isolation for Seniors during COVID-19 Grants Program
The NSW Department of Communities and Justice is offering financial support to eligible organisations that can help seniors aged 65 years and over, and Aboriginal people aged 55 years and over, engage with others to reduce social isolation during the COVID-19 outbreak. Businesses can apply for a one-off grant of between $10,000 and $100,000. Applications close 26 April 2020. For more information, including eligibility and guidelines, visit Communities and Justice.
Land tax relief to support commercial leasing
The NSW government is supporting commercial tenants who are experiencing financial distress as a result of COVID-19 with a new land tax relief package. It includes enacting the mandatory National Cabinet Code of Conduct and land tax concessions for commercial landlords. Eligible commercial landlords can apply for a land tax concession of up to 25% of the 2020 calendar year, for relevant properties, if they pass the savings on to their tenants in the form of a rent reduction. A 3-month deferral on outstanding land tax amounts is also available. Eligibility criteria apply. For more information, visit NSW Treasury.
A deferred payroll tax for 6 months for businesses with payrolls over $10 million and an additional 3 month deferral for businesses with payrolls under $10 million, who received a three month waiver previously. The payroll tax-free threshold has also been raised from $900,000 to $1 million. For more information about payroll tax changes, visit Revenue NSW.
A deferral of gaming tax for clubs, pubs and hotels, and lotteries tax for 6 months, conditional on these funds being used to retain staff.
Rents and parking
A deferral of parking space levy for six months and a deferral of rent for commercial tenants with less than 20 employees in all government-owned properties. Find out more.
Licence, registration and permit fee waivers
State imposed licence, registration and permit fees will be automatically waived for 12-months for new applications and renewals lodged by eligible businesses. For longer application and renewal durations, the licence fee is discounted by 1 year. Fee waivers for change of class, amendments to licences and replacement licences are excluded. For further details on eligible businesses visit Service NSW fee waives and tax assistance.
TAFE free online courses
TAFE NSW is offering a suite of 21 fee-free online short courses to assist job seekers and workers looking to diversify their skills, and businesses in hibernation to upskill their workers. For more information and to browse the courses, visit TAFE NSW.
Business owners can access support and advice from a Business Concierge by calling 137 788. Business Connect provides professional advisors, all of whom have experience in running their own small business, to help with:
- developing a customised recovery strategy
- managing your cashflow
- accessing finance including grants and loans
- marketing your business to reach new customers
- connecting to other government support and local professional services.
For support or to discuss your options about your business needs, you can contact your IBA relationship manager directly or register your interest. We are here to help.