The State Government of NSW has released a business support package to alleviate the impact of the COVID-19 outbreak. The State Government has mainly focused on providing assistance through the payroll tax relief, as the intention is to help businesses keep their employees on the payroll.
NSW has opted to waive payroll tax for businesses with Australian taxable wages of up to $10m for the three months leading to 30 June 2020.
The stimulus package will help to protect communities and jobs in the face of the COVID-19 outbreak over the next six months.
Key elements of the NSW COVID-19 package include:
Business support and jobs | NSW COVID-19 business support
- – $450 million for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months (the rest of 2019-20). This means these businesses will save a quarter of their annual payroll tax bill in 2019-20
- – $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21
- – $80 million to waive a range of fees and charges for small businesses including bars, cafes, restaurants and tradies
- – $250 million to employ additional cleaners of public infrastructure such as transport assets, schools and other – public buildings
- – more than $250 million to bring forward maintenance on public assets including social housing and crown land fencing
- – $500 million to bring forward capital works and maintenance.