Digital Service Providers (DSPs) have put together resources to assist businesses with determining whether they are eligible for grants or payments under the NSW Government's 2021 COVID-19 package for businesses.
- 2021 COVID-19 Business Grant - one-off grant of $7,500, $10,500 or $15,000 for those that have experienced a decline in turnover over a minimum 2-week period from 26 June 2021 to 26 July 2021 compared to the same period in 2019.
- JobSaver - a cash boost of up to 40% of weekly payroll with a payment between $1,500 and $10,000 per week providing that staff levels have remained the same since 13 July 2021
- Micro business grant - fortnightly payments of $1,500 for micro businesses with a turnover between $30,000 and $75,000 experiencing a 30% decline in turnover
Once your accounting or payroll software makes resources available, you can find information and links below.
Those using Essentials or AccountRight browser can use the Profit and Loss report functionality. This provides an analysis with different levels of detail, comparison to various time periods and built-in charts. Users can also consolidate multiple ledgers or change from cash or accrual depending on lodgement requirement.
How to use the Profit and Loss report.
More information about calculating your turnover can be found here.
Reckon users can find information about the NSW 2021 COVID-19 Support Package and how they can determine their decline in revenue in Reckon Accounts (Desktop and Hosted) and Reckon One here. Information for other products can be found here:
Xero has developed a COVID-19 Business Support tool to help qualified accountants and registered tax or BAS agents (as well as business owners) to quickly and easily determine grant eligibility. Read more here.
CPA Australia have put together resources for the grants and business support currently available, including a detailed guide on the NSW COVID business support grant. Find more information here.