We have mentioned this in the past but wanted to remind you of the NSW State Government’s incentive to export, and we want to bring it to the attention of accountants in Sydney. The NSW Government last year introduced a grant aimed at assisting NSW businesses that are currently exporting or had exported prior to the effect of COVID-19, drought, or bushfires.
The grant available caps out at $10,000. The Service NSW’s website contains the criteria that must be met to be eligible along with a list of accepted expenditures that can be incurred to apply for the grant. See the link as follows – Apply for an export assistance grant.
Below is a list of requirements to be eligible for this Grant:
- be based in NSW;
- be registered with an ABN and be registered for GST as of 1 August 2019;
- be currently exporting, or were exported prior to the impacts of COVID-19, bushfires or drought;
- employ a minimum of 3 full-time equivalent workers at the time of application;
- own the goods/services to be exported, or be able to provide documented evidence that you are the agreed export supplier;
- produce the goods/services to be exported to Australia, or be able to provide documented evidence that the business provides substantial value to NSW; and
- be an exporting business with an annual turnover of:
- up to $100 million; or
- Greater than $100 million that can demonstrate export turnover has declined by more than 30% in the 2019–2020 financial year, and you have the intention to re-establish your export business in your established markets and/or diversify into new markets.
The grant is to be used to reimburse 50% of eligible expenses paid for post-1 January 2020 expenditures. To receive the maximum $10,000, you must have incurred $20,000 worth of eligible expenses. Applicants must provide proof of the expenditure incurred as part of the grant application. This will be in the form of supplier invoices and evidence of payment.
The grant can also be applied for in conjunction with the Federal Export Market Development Grant (EMDG). However, businesses cannot use the same expenditure listed within the EMDG application for the NSW Grant.
The payment turnaround time has been less than two weeks for the clients who have already applied for the grant. There is currently no closing date listed for this grant, but if you think you may be eligible, we encourage you to put your application in promptly to avoid missing out.
If you have any questions about your eligibility or require help with the application, please get in touch with us at Stanley & Williamson [Kreston Stanley Williamson], who can assist you.
Kreston Stanley Williamson Team
*Correct as of 23 March 2021
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
