The NSW government has today announced a $2.3bn stimulus package with $1.6bn to go directly towards helping business and keeping people in jobs.
$450 million has been allocated to temporarily relieve the payroll tax burden in the state. NSW Businesses with payrolls of up to $10million will have their payroll tax obligations waived for three months, with many businesses now not needed to pay any further payroll tax this financial year.
The payroll tax threshold has also been raised to $1million from 1 July 2020 as a further measure to reduce payroll tax obligations in NSW.
Waiver of Fees & Charges
$80 million has been committed to waiving a range of fees & charges for small businesses including bars, cafes, restaurants and tradies – however it is unclear at this stage exactly what fees these are and how long they will be waived for.
As this situation continues to unfold we anticipate there will be further announcements over the coming weeks that will impact businesses across Australia. We will keep you up to date with information as it becomes available.
In the meantime, if you have any queries or concerns, please don’t hesitate to contact us.
Also, check out the following articles: