The NSW Government Stimulus package includes the following;
1.) REDUCTION IN PAYROLL TAX FOR BUSINESSES
Payroll tax customers whose total grouped Australian wages for the 2019-20 financial year are no more than $10 million will have their annual tax liability reduced by 25% when they lodge their annual reconciliation, which is due on 28 July 2020.
For those customers who lodge and pay monthly and whose total Australian wages will be no more than $10 million for the current financial year, no payment for the months of March, April or May 2020 will be required.
When lodging your annual reconciliation, you will still need to provide wage details paid in these months and will receive the benefit of a 25% reduction in the amount of tax you would have had to pay for 2019-20 0000
2.) PAYROLL TAX CUTS (THRESHOLD INCREASE 2020-21)
The tax-free threshold will increase from $900,000 to $1 million for the financial year commencing on 1 July 2020.
3.) PAYROLL TAX CUTS (THRESHOLD INCREASE 2020-21)
The government will waive a range of fees and charges for small businesses including bars, cafes, restaurants and tradies.
The total allocated for this measure is $80 million, but it is not yet clear exactly which fees will be waived, or for how long.
The spokesperson said this measure will be administered through Service NSW, and the waiver will be communicated via that channel.
We will continue to keep you up to date with more information as we receive it. If you have any questions regarding the NSW Government stimulus package please contact our office.