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State-Based Stimulus Package Initiatives | New South Wales

Published by:
David Armstrong
Published on:
April 02, 2020
Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521
State-Based Stimulus Package Initiatives | New South Wales

In addition to the nationwide packages, states and territories have also created local business relief packages.  From payroll tax to cleaning and parking, State Government initiatives for New South Wales are outlined below. (Please click on the links below for more information.)

Payroll Tax Waiver

A payroll tax waiver is available for eligible businesses with payrolls up to $10m for Q4 FY2020 (April to June 2020).

Payroll Tax Threshold Increase

An increase to the payroll tax threshold for 2020-2021 from $900,000 to $1m. The increase is available from 1 July 2020 for all businesses which employ staff.

Payroll Tax Deferral

A deferral of 6 months is available for eligible businesses with payrolls greater than $10m, and 3 months for businesses with payrolls of up to $10m.

Specific Small Business Fee Waivers

$80m has been allocated to waive fees and charges for specific small businesses. Eligible businesses include bars, restaurants, trades and cafes.

Funding for Public Infrastructure Cleaners

$250m in funds have been allocated for the employment of public infrastructure cleaners (transport assets, public buildings and schools).

Gaming Tax Deferral

A 6-month deferral of gaming tax obligations for places such as clubs, pubs, hotels and the lotteries tax but conditionally given that the funds are used to retain staff.

Deferral of Parking Space levy

A 6-month deferral of the parking space levy for businesses that own off-street parking spaces and are subject to the parking levy.

Tenant Relief for Government-owed

A 6-month rent relief program has been made available for commercial tenants with less than 20 employees, for businesses with tenancy in Government-owned properties.

More information on NSW initiatives can be found on the below links:

NSW Government Health Boost and Economic Stimulus

NSW Government Second Stimulus Package

Want to know more?

With the equity markets and Government support packages frequently changing, we are continually updating and creating new tools and information for you. To review the latest materials on COVID-19, please click here. This page will be regularly updated, so please check back in from time to time.

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Supporting you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 book a catch up with a Modoras professional.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (SYD) Pty. Ltd. ABN 18 622 475 521. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (SYD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (SYD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (SYD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (SYD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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