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NSW 2021 COVID-19 Support Package

Overview

The 2021 Covid-19 Support package is an initiative by the NSW Government to provide financial assistance, support measures and tax relief to help businesses and people across the state impacted by the current COVID-19 restrictions

For further information on the measures that have been announced as part of this support package, visit Service NSW.

If you are unsure how to calculate the requirements for the government we highly recommend contacting a qualified accountant, registered tax agent or registered BAS agent.

Eligibility

To determine if you are eligible, please refer to the NSW Governments terms and conditions.

Determine the decline in revenue

To meet the eligibility requirements for the various Covid-19 Business Grant Tiers and JobSaver package, the applicant must have experienced a certain revenue decline compared to a previous period.

The Decline in Revenue percentage and the Comparison Dates are available in the terms and conditions on the Service NSW website.

Below are instructions on how to use the Profit and Loss report to compare Revenue between two periods to ensure you meet the eligibility requirements (once you have determined the date range to compare and the decline in revenue that needs to be met).

The Australian Taxation Office Goods and Services Tax (GST) turnover concept will be applied when assessing whether an applicant experienced a 30% or more decline in national turnover.

IPA Books+

You can create a Profit and Loss Report and compare 2 periods in IPA Books+ following these steps:

  1. From the side navigation, click Reporting
  2. Click on Reports Centre
  3. From Financial > PROFIT AND LOSS > click Generate
  4. From Reporting period, choose the initial period that you want to compare. There are different pre-configured options available. You can use The following dates option to choose your specific date range
  5. From Comparison period, choose the period that you want to compare with. There are different pre-configured options available. You can use the The following dates option to choose your specific date range
  6. Once you have chosen the period options, click Refresh
  7. You will be able to view the comparison percentage in the Report details section

To learn more about Reports in IPA Books+, click here.

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