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.
New South Wales Small Business Support Fund
The NSW government has announced an additional $750 million to be put into a Small Business Support Fund to help keep NSW businesses afloat. Eligible businesses will be able to apply for grants of up to $10,000 to help them pay for unavoidable business costs including overheads, utilities, legal costs and financial advice.
The focus of the grant is to assist small businesses that have been directly impacted by the social gathering restrictions in NSW that have seen businesses across the state endure severe reductions in income, forcing closures for many.
To be eligible for the grant your business must:
- Have an Australian Business Number as at 1 March 2020
- Be based in New South Wales
- Employee staff as at 1 March 2020
- Have between 1-19 employees
- Have a turnover of more than $75,000
- Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020.
- Be able to support the application with appropriate documentation
Applications for the small business grant will be available on the Service NSW website within a fortnight and remain open until June 1 2020. We will provide updates as we have them to clarify eligibility and the application process.
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.
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