Important Information About Small Business Grants and Jobs Action Plan
As a small business owner, you have to deal with a lot in your daily work. While dealing with payroll, accounting and just running day-to-day operations, you probably don’t have time to keep up with the latest legislation changes.
Even so, you need to stay in the loop. We’re here to help! Here are a couple of changes to Small Business Grants and the Jobs Action Plan that you should know about.
Update of the Small Business Grant and Jobs Action Plan
The Small Business Grant from the New South Wales Government is a program meant to encourage small businesses that currently don’t pay any payroll tax to grow their business by hiring more workers. The grant pays business owners $2,000 for each full-time equivalent position they create.
After Revenue NSW noticed a logistical issue with the program, they’ve changed the rules to allow applications for the Small Business Grant and Jobs Action Plan in certain situations. The problem before was that some business owners were eligible for the program but did not receive the grant before the first anniversary of the position. This meant they were liable for payroll tax, disqualifying them for the program. This fix should allow more business owners to take advantage of this grant.
Also keep in mind that the amount on the rebate from the Jobs Action Plan has changed. Now on the one-year anniversary of the new position, business owners will receive a payroll tax rebate of $2,000. On the two-year anniversary, business owners receive an additional $4,000 payroll tax rebate for each new full-time equivalent position.
We’re Here to Help
If you’re unsure if your business can qualify for Small Business Grants or the Jobs Action Plan, get in touch with us and we’d be glad to help. We can also help you with any of your payroll and bookkeeping needs.