The State government of NSW is launching its Dine & Discover voucher scheme in March. Every NSW resident will be given 2 x $25 vouchers to use at dining venues and 2 x $25 vouchers to be used for entertainment and recreation. You will be able to access your vouchers via the Service NSW app on your phone (the same one you use for all the QR code check ins).
Which Businesses Are Eligible?
NSW businesses will need to have an active ABN and be registered for GST. Your business will also need to be registered as Covid-safe and have a Covid Safety Plan in place. Businesses in the following industries can register:
- cafes and restaurants
- pubs, taverns, bars, wineries and clubs
- scenic and sightseeing transport
- cinemas
- museums, galleries and historic sites
- zoos, botanic gardens, wildlife parks and nature reserves
- performing arts operations, theatres and entertainment centres
- amusement, theme and water parks
- recreational activities such as go-karting, indoor climbing, mini golf, billiards, bowling or ice rinks
- outdoor adventures
- travel agencies and tours.
How Do You Treat the Vouchers In Your Accounting System?
A government payment to assist a business is included in its assessable income.
If you are operating on an accruals basis you enter the voucher information into your accounting system as soon as you receive it from the customer.
If you are operating on a cash basis (most small businesses) then you include the amounts when you receive the voucher amount from the NSW government.
The same principles apply to your GST, if you account for GST on accruals, you recognise the GST on the day the customer uses the voucher, if you account for GST on a cash basis, you recognise the GST on the day you receive the money from the NSW government.
GQ Tax 