As a startup you will often hear about the need for an Advisory Board, but…
Small Business Grant
Been hiring recently? You’ll be pleased to note that the NSW government is keen to help out businesses increasing their total number of staff via the Small Business Grant. Read on to find out more about eligibility.
What is the Small Business Grant?
The Small Business Grant is designed to help out NSW small businesses with a once-off payment of up to $2,000 for each new full-time position in the business. Part-time & casual employees are eligible for pro-rata payments.
When to register and when to claim?
Online registration for the grant must be done within 60 days of the employee’s start date.
Upon anniversary, the grant must be claimed within 60 days also.
Note: the grant scheme ceases 1 July 2019 so please be quick in registering for the grant!
How am I eligible for the Small Business Grant?
To be eligible you’ll need an ABN and be under the payroll tax threshold of $850,000 in wages per year.
Then you’ll need to hire talent! Most employees – fulltime, part-time or casual – are eligible providing they have not already worked for your business.
Once the new position has been sustained for more than 12 months you’ll be eligible for $2,000 at the anniversary date of the hire.
Employees performing 50% or less of their services in NSW or contractors are excluded.
Hiring employees in Australia can be costly but also add dramatic value to your startup. The Small Business Grant can definitely help lighten the cash impact. If you need assistance in preparing for the Small Business Grant please reach out.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, crypto and entrepreneurs.