Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
As one of Australia’s major economic hubs, New South Wales (NSW) and its capital Sydney, are filled with businesses of all sizes. If you own a small business in the region then you may be able to access some of the business support programs offered by the New South Wales Government.
In this guide we’ll explore what small business grants New South Wales provides and let you know how a Wise Business account can help you with your business banking needs.
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A small business grant is assistance given by the government to small businesses. The purpose is generally to help the business grow, innovate or recover from economic hardship. It’s one way the government supports the local economy and can give small business owners a financial boost to help make their endeavour more successful.
In New South Wales, support for your small business could come in the form of a grant, loan or financial assistance.¹ Some programs are designed to support the development and growth of businesses, while others are aimed at supporting recovery from disasters such as bushfires, drought and pandemic.²
If your small business was impacted by Covid-19 then you could be eligible for a grant as part of the NSW Covid-19 recovery plan. Over the course of the pandemic various grants have been created, modified and ended, so it’s important to check the closing dates for applications.
Here are some of the Covid-19 related grants that NSW small businesses could apply for in early 2022.¹
The grants available for your business to apply for can depend on a range of factors including your industry, number of staff and location.
Some of the grants on offer from the NSW Government are more general in nature. Here’s a few they had at the start of 2022.¹
Depending on the industry your business is in, there may be additional grants you can look at applying for. Here’s are a few examples of industry specific grants that were available in the first part of 2022.²
As we mentioned earlier, grants can be created, modified or closed so it’s a good idea to double check what is currently available for your business.
Most grants have limited time frames to apply. To discover what business grants are on offer in NSW at the moment or are coming up soon, you can take a look at these government websites.
The application process varies depending on which small business grant you are applying for, but in general here’s what you’ll need to do.
The eligibility criteria and documents needed vary for each grant so it’s important to take a careful look at the details for the grant you’re considering applying for.
Here are some of the criteria you may need to meet to be eligible for a NSW grant.
Once you know you're eligible for a grant you’ll likely be asked for identification documents, the business information and proof you meet the eligibility criteria for the grant. Here’s a few examples of what you might need to provide.¹
Read more: Small Business Grants in Victoria. |
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The time it takes for grants to be processed varies and unfortunately not all have a wait time published.
Some NSW small business grants are considered by the Australian Taxation Office (ATO) to be non-assessable, non-exempt (NANE) income meaning it does not need to be included on your tax return and you won’t pay tax on it.
If your grant is not NANE, then you may be liable for tax on the value of the grant. To check your tax liability, it’s a good idea contact the ATO directly or speak to an authorised business taxation specialist.⁴
For more information or some support in applying for a grant, you can contact the offices of Service NSW.
Running your own business is filled with big decisions, including what service to use for your business banking needs. This is where Wise may be able to help you save money and simplify your international business payments.
With a Wise business account you’ll get localised account details for Australia as well as several major global currencies
You’ll be able to send money in over 70 currencies with small, transparent fees and your money is exchanged using the real exchange rate, like the one you see on Google.
To learn more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.
Open your Wise business account
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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