Late afternoon on Monday 19th July 2021, Service NSW updated it's website with a change in the criteria to test decline in turnover. No emails or communication was sent out to businesses even if they had registered for an update.
To refresh, three different grant amounts will be available depending on the decline in turnover experienced during the restrictions:
- $7,500 for a decline of 30% or more
- $10,500 for a decline of 50% or more
- $15,000 for a decline of 70% or more
How to test decline in turnover?
Decline in turnover is now tested by comparing business turnover over a 14 day period in 2021, with corresponding period in 2019 on any 14 days between 26th June 2021 and 17th July 2021 (previously this was up to 26th July 2021).
This means our Tax Tip of waiting till the end of July to test your turnover is no longer applicable. Please test your turnover (using the basis of your BAS registration - Cash or Accrual) or contact us for assistance.
To clarify, this criteria is only applicable for NSW Covid-19 Business Grant, and not for Job Saver Scheme. We hope that for Job Saver scheme the period of testing would be extended (details awaited), considering a large number of businesses were asked to close effective 17th July 2021.
Please visit our Checklist Page to access updated guide.