Date posted: 04/08/2021

Key questions about NSW COVID-19 assistance

The current roll-out of COVID-19 assistance in NSW is very different. What are the key questions that accountants need answered.

In brief

  • The form and eligibility criteria of the 2021 COVID-19 assistance for NSW is constantly evolving
  • CA ANZ members have a long list of questions about how the 2021 NSW COVID-19 assistance works
  • CA ANZ is actively pursuing answers to the following questions asked by members in the Knowledge sharing sessions on 23 and 30 July 2021 and that have been sent to us by email and my CA

Chartered Accountants ANZ (CA ANZ) has received many queries from members about the NSW COVID-19 assistance packages. 

The most common complaint has been about the long waiting times, and phones dropping out when calls are made to Service NSW. CA ANZ has advocated for guidance to be published urgently on these issues to avoid the need to make calls.   

As of 4 August, the top 5 queries received relate to the treatment of:

  • New businesses - how to calculate a decline in turnover
  • Growing businesses, business restructures, droughts - how to calculate a decline in turnover
  • Treatment of drawings by sole traders and partners - are they eligible expenses? What happens if the grant is more than eligible expenses?
  • Charities – can government grants and reimbursed expenses by excluded from the decline in turnover calculation
  • Cash based turnover entities that are required to refund amounts - will there be special rules to help these entities. 

CA ANZ has raised the following issues with Service NSW in the download below.

 

Service NSW Toolkit

NSW Government Toolkit including FAQs to help advisers address COVID business support issues.

Download PPT from MyCA

Helping your clients access COVID-19 financial support

Considerations for signing accountant’s letters for COVID-19 assistance.

Find out more

CA ANZ Frequently asked questions

CA ANZ has developed an FAQ to respond to questions from members about the NSW COVID-19 business support.

Download FAQs from My CA

Responding to requests from your client’s financiers

Members should exercise a high degree of caution when responding to requests from your client’s financiers.

Find our more