New South Wales (NSW) has been inundated with torrential rain leading to flash flooding across the state.

The NSW Government recently announced the provision of financial support to businesses and individuals impacted by the floods in NSW from February 2022.

If you or your business is affected by the current NSW floods, the following financial support may be available to you:

• Disaster Recovery Payment – $1,000 per eligible adult and $400 per eligible child if your home has been severely damaged or destroyed, or you’ve been seriously injured. See here: https://www.servicesaustralia.gov.au/nsw-floods-february-2022-australian-government-disaster-recovery-payment

• Disaster Recovery Allowance – short-term income assistance (up to 13 weeks) if you’ve lost income as a direct result of the floods. See here: https://www.servicesaustralia.gov.au/nsw-floods-february-2022-disaster-recovery-allowance

• Small businesses and not-for-profit organisations that suffered direct damage as a result of the NSW storms and floods in February and March 2022, in a defined disaster area (AGRN 1012), may be eligible for a grant of up to $50,000 to help pay for costs of clean-up and reinstatement of operations. More information will be available soon for the additional LGAs that have subsequently been declared disaster areas. For eligibility criteria and to apply, visit: https://www.service.nsw.gov.au/transaction/apply-february-and-march-2022-storm-and-flood-disaster-recovery-small-business-grant

• Primary producers affected by floods from February 2022 can apply for grants of up to $75,000. See here: https://www.raa.nsw.gov.au/disaster-assistance/storm-and-flood-programs/sdg-february-2022

• Disaster relief loans may be available for primary producers (loans up to $130,000), small businesses, (loans up to $130,000), not-for-profit organisations (loans up to $25,000) and sporting clubs (loans up to $10,000). See here: https://www.raa.nsw.gov.au/disaster-assistance/disaster-recovery-loans

We understand this is a very difficult time for many individuals and small businesses. If you need tax, business, or financial advice, please don’t hesitate to contact our office on (02) 4732 3844 – we are here to help!