Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Service NSW explains decline in turnover date change

Service NSW has cleared the air around a critical date change in its COVID-19 business grant program.

Business Jotham Lian 22 July 2021
— 1 minute read

The agency said the decline in turnover reference period for its COVID-19 business grants had been shortened to reflect the incoming JobSaver program, which will provide cash flow support payments to businesses from 18 July.

Advertisement
Advertisement

“The reference period for the 2021 COVID-19 business grant has been modified to align with the intent of the program covering the first three weeks of the lockdown period until the 17th of July,” a Service NSW spokesperson told Accountants Daily.

“Businesses eligible can apply for the 2021 COVID-19 JobSaver payment, which will cover the consecutive period between 18 July and 14 August inclusive.”

The COVID-19 business grants, which provide NSW businesses with tax-free payments of up to $15,000, had first launched on Sunday with a requirement to demonstrate a decline in turnover over a minimum two-week period from 26 June 2021 to 26 July 2021 compared with the same period in 2019.

However, by Tuesday, the date had changed from 26 July to 17 July, sparking concerns that it would discriminate against industries that were only forced to shut down at 11.59pm on 17 July after the state government tightened its lockdown restrictions.

Service NSW said the JobSaver payment will provide cash flow support to businesses who continue to suffer a decline in turnover from 18 July.

The JobSaver payment, co-funded by the Commonwealth and NSW, provides businesses between $1,000 and $10,000 a week to help them retain employees.

Eligible businesses must have an annual turnover between $75,000 and $50 million and demonstrate a 30 per cent decline in turnover compared with an equivalent two-week period in 2019.

Businesses must also maintain their full-time, part-time and long-term casual staffing level as of 13 July.

The full eligibility requirements for JobSaver have yet to be published by Service NSW, despite applications for the program expected to open from 26 July.

Micro-businesses with a turnover between $30,000 and $75,000 can also expect a new grant payment that will provide them with $1,500 per fortnight if they have seen a 30 per cent drop in revenue.

Applications have yet to open, with Service NSW to release further details in late July.

Service NSW explains decline in turnover date change
image intro
accountantsdaily logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting.

Limited tickets left. To secure your place today, visit accountantsdailystrategyday.com.au/.

Jotham Lian

Jotham Lian

Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.

Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.

You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

Business