UPDATE for the 2021 COVID-19 Business Grant
The first NSW COVID-19 financial support package was the Covid-19 Business Support Grant which Service NSW released last Monday 19th July.
Within the week Service NSW had “tweaked” the rules slightly. This newsletter serves to clarify those changes;
- The decline in turnover is to be assessed over a minimum 2-week period from 26 June 2021 to 17 July 2021 (not 26 July), compared to the same period in 2019.
- Decline in Turnover is the Australian Taxation Office Goods and Services Tax (GST) concept of turnover. That is;
GST turnover is your total business income (not profit), minus:
- GST included in sales to your customers
- sales that aren't for payment and aren't taxable
- sales not connected with an enterprise you run
- input-taxed sales you make
- sales not connected with Australia.
It is important to note that GST turnover includes GST-free supplies and supplies that would be taxable if registered.