Six people were arrested at the demonstration, in a move which one of the organisers slammed as "disgusting" behaviour by police.
Five of those people - three men and two women - were handed $1000 fines for breaching public health orders, while a third woman was handed an infringement notice for offensive language.
Black Lives Matter rallies have been held around the globe, sparked by the murder of USA man George Floyd by police in Minneapolis on 25 May.
"We appreciate people's rights to protest, we understand that the issues that are in question here are significant and are sensitive to a lot of people, however we must do what we can to ensure the public in general in safe at this time".
Police officers issue citation tickets to demonstrators, after police shut down a rally that was deemed unlawful, in Sydney, Australia, July 28, 2020.
People in NSW are now allowed to gather in groups of 20 or less, but police will allege that hundreds of people were gathered "for a common purpose" despite social distancing. Artists told Tulsa police at the time that the words were drawn on the street using a chalk-like material that would wash away with rain, reported Fox 23.
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Today's Black Lives Matter rally in Sydney's CBD was supposed to start at 12 noon, but by 11.50am it was all over.
The march was planned to highlight the deaths of Aboriginal people in custody, building on momentum from global rallies for racial justice and against police brutality.
Organiser Paddy Gibson was one of those arrested.
The NSW Supreme Court ruled on Sunday it was too risky for the protest to go ahead due to a fresh outbreak of coronavirus cases across Sydney, with 14 new infections detected on Tuesday.
A subsequent appeal on Monday failed in the NSW Court of Appeal, with Chief Justice Tom Bathurst, Court of Appeal president Andrew Bell, and justice Robert McFarlan agreeing with the arguments put forward by NSW Police Commissioner Mick Fuller's legal team.
Mr Gibson, who was ushered into NSW Parliament by Greens MP Jenny Leong after being released, said he'd been told by police that despite the park's size, only 20 protesters would be permitted.