The NSW and Federal Government have allocated large of amount of resources to reduce the impact of COVID-19 on small businesses. Please find below the updated Government’s assistance to help our local businesses.
Coronavirus SME Guarantee Scheme
The Scheme has now been extended and enhanced to support businesses in recovery and to enable continued support for SMEs (Small and Medium-Sized Enterprises) facing the ongoing impacts of the Coronavirus. Phase 2 of the Coronavirus SME Guarantee Scheme commenced on October 1 and will continue to support lenders’ ability to provide credit and ensure that SMEs benefit from low interest rates.
Asset Valuations – Recent Changes
From 12 March 2020 until 30 June 2021 the Backing business investment measure provides a time-limited (15 month) investment incentive to support business investment and economic growth, by accelerating depreciation deductions. Click for more information about the key features of the incentive.
Commercial Lease Support
If you own a business and you’re finding it difficult to meet lease commitments such as rental payments due to the COVID-19 pandemic, you may be able to negotiate the terms of your lease with your landlord.
Payroll Tax Stimulus Payment Arrangements
From 26 October 2020, customers will be able to establish a Stimulus Payment Arrangement for up to 24 months and will have the option to include tax payable from the 2019/20 annual reconciliation and any monthly liabilities for July, August and September 2020 return periods.
Grant, Tax Deductions and Further Support
For more information regarding grants, tax deductions, tax offsets and financial assistance.
Should you require further information about the assistance we recommend calling Service NSW on 137788 and ask to talk to a Business Concierge – open Monday to Friday from 7am – 7pm.
Information brought to you by Fairfield City Council