Profit Matters Newsletter – Winter 2021
Click here to download the Profit Matters Newsletter – Winter 2021
Click here to download the Profit Matters Newsletter – Winter 2021
It has been announced that the joint NSW Government and Commonwealth JobSaver program will be significantly boosted to give greater support to businesses and individuals impacted by the extended lockdown.
The maximum weekly payment has been substantially increased, with employing businesses that maintain their employee headcount now able receive between $1500 and $100,000 per week, up from $10,000, with payments based on 40 per cent of their weekly NSW payroll.
JobSaver payments will now be available to businesses with an annual turnover of between $75,000 and $250 million, up from $50 million, which have experienced a revenue decline of 30 per cent or more.
Prime Minister Scott Morrison has also announced an increase to the weekly payments received under the Covid-19 Disaster Payment, with a maximum payment now $750 per week (increased from $600).
For further information, please click the links below:
https://www.service.nsw.gov.au/transaction/jobsaver-payment
Please don’t hesitate to contact HYD Advisory to discuss your eligibility or the process of the JobSaver on (02) 8543 6800 or email your client manager directly.
Our team are currently working remotely and are available to assist you with lockdown support for your business. We want to reassure clients that we’ll be on hand to talk with you about your business issues and give you the confidence you need to make good decisions to keep your business alive in these difficult times.
The second round of COVID-19 NSW Business Support is available today.
Eligible businesses may be entitled to a JobSaver payment which will provide fortnightly cashflow support to impacted businesses to help keep their businesses afloat, maintain relationships with their employees and be in a position to trade when restrictions are lifted. The payment is intended to assist those businesses that have been impacted from week 4 of the Greater Sydney lockdown (from the 18th of July 2021 onwards).
Both employing and non-employing businesses, such as sole traders, may be eligible for the JobSaver payment.
The payment is equivalent to 40% of the weekly payroll for work performed in NSW:
If you’re a non-employing business, such as a sole trader, you may be eligible to receive a payment of $1,000 per week.
Applications are made on the ServiceNSW website: https://www.service.nsw.gov.au/transaction/jobsaver-payment
Before applying for the JobSaver, we recommend that you check you meet the eligibility criteria and have the necessary documentation and evidence ready. See below for further information.
Eligibility Criteria
Eligible businesses must:
To determine whether you meet the decline in turnover requirement, businesses must test their turnover for a minimum 2-week period from 26 June 2021 compared to the same period in 2019.
Businesses that applied and were eligible for the 2021 COVID-19 business grant will generally automatically be eligible for the JobSaver but must provide further information on employee headcount and payroll.
Businesses that were not eligible for the grant will need to conduct a decline in turnover test to determine eligibility. Please contact HYD Advisory for assistance with your turnover test.
If your business is not on the highly impacted industries list, you are required to submit a letter from HYD Advisory as evidence that you have experienced a decline in turnover.
To review the highly impacted industries list please see the following link:
https://www.service.nsw.gov.au/jobsaver-payment-guidelines#attachment-a-list-of-highly-impacted-industries
To maintain employee headcount means the employer will not take active steps to end the employment relationship with their employees. Employees who have been stood down under the Fair Work Act 2009 or take leave without pay are considered employees for the purpose of headcount. Employees can receive Commonwealth COVID-19 Disaster Payments if their employer is receiving JobSaver.
Once deemed eligible, businesses will receive automatic fortnightly payments. Businesses will not need to re-apply but must notify Service NSW if they are not maintaining the number of employees they had on 13 July 2021. Payments will be made in arrears with the first payment backdated to 18 July.
Documentation and evidence
To prepare for the application, you will need the following:
The Next Steps
Application are now available on the ServiceNSW website: https://www.service.nsw.gov.au/transaction/jobsaver-payment
Once you have checked your eligibility and have all documentation ready, you can select the above link then follow the steps below:
Please don’t hesitate to contact HYD Advisory to discuss your eligibility or the process of the JobSaver on (02) 8543 6800 or email your client manager directly.
Our team are currently working remotely and are available to assist you with lockdown support for your business. We want to reassure clients that we’ll be on hand to talk with you about your business issues and give you the confidence you need to make good decisions to keep your business alive in these difficult times.
On 13 July 2021, the NSW and Federal Governments announced their economic support package aimed at supporting businesses and residents to deal with the recent COVID-19 lockdown.
Outlined 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 relevant 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.
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On Tuesday 29 June the NSW Treasurer Dominic Perrottet announced a major grants package for businesses affected by the recent COVID-19 outbreak and ensuing two week lockdown.
The lockdown is expected to wipe $2b off Australia’s GDP. In response, the Government will release grants between $5,000 and $10,000 for small businesses and additional payroll tax deferrals for all employers.
The grants are split into two streams to cover small businesses as well as tourism providers impacted by the lockdown over the school holiday break.
Businesses can apply for grants through Service NSW later in July, and will need to show a decline in turnover across a minimum two-week period after restrictions commenced on June 26.
Decline in revenue (%) |
Grant available |
70% |
$10,000 |
50% |
$7,000 |
30% |
$5,000 |
If you have any concerns regarding your circumstances please contact your client manager on (02) 8543 6800 or email them directly.
If you can’t work because you or someone in your household is impacted by COVID-19, there is support available, however it comes with fairly strict eligibility criteria.
The payment might also be accessible if you are a carer for someone impacted. How much is the payment?
If you have any concerns regarding your circumstances please contact your client manager on (02) 8543 6800 or email them directly. |
We are a thriving accounting firm based in Sylvania Waters with office space available for 1 – 3 people. It would be great to share space with a like minded professional services firm that values relationships and is looking for a possible referral partner. The space includes: Modern premises Lots of parking Access to boardroom and reception facilities Flexible arrangements Lockable office area up to 20sqm and/or workstations NBN Access Surrounded by shops, cafe and other businesses Ideal opportunity for a mortgage broker, bookkeeper, conveyancer, graphic artist, etc… This tremendous opportunity so please contact Shoral Simmonds on (02) 8543 6800 or by email shoral@hydadvisory.com.au to register your interest an/or arrange for a site inspection. |
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Phone: (02) 8543 6800
Fax: (02) 9522 9683
Email: admin@hydadvisory.com.au
Head Office
Suite 3, 284 Belgrave Esplanade,
Sylvania Waters NSW 2224
Postal: Locked Bag 5002,
Sylvania Waters NSW 2224
City Office
Level 6, 7 Macquarie Street,
Sydney NSW 2000
(by Appointment Only)