“The calculation of turnover and measuring its decline in line with the relevant legislation were key issues when determining eligibility for Federal Government stimulus measures last year,” said Tax Leader Michael Croker.

“Accountants are keen to access detailed information so they can begin identifying those businesses that may be eligible and understand the nature of any certification they must provide.

“Judging from the past year, businesses that apply should make sure they have adequate business records to back up their eligibility as they could be subsequently audited.

“The latest cash boost is linked to an employee retention obligation but there is no apparent reliance on the Single Touch Payroll information held by the ATO for verification purposes, raising questions about data sharing between governments.

“The cash boost has also been de-coupled from the ATO Business Activity Statement reporting framework which underpinned the 2020 stimulus measures.”

Instead, Services NSW will be front and centre in managing the business support package, and although businesses can register their interest from 14 July that of itself will not be enough.

“While business can register their interest, accountants are eager to understand what follow-up information will be required in order for cash payments to flow,” said Croker.

“Small business operators now need to ask themselves whether the boost is enough to coax them to retain staff.

“Wages are but one cost of doing business, with access to commercial rent relief and leniency from financiers and creditors including ATO debt collectors also crucial to their business decision-making.

“The longer the lockdown, the harder those decisions become so now is the time to seek business advice.

“While many businesses have been through this before, time is of the essence. Services NSW and the accounting community will need to collaborate effectively and work fast.”