The NSW State Government announced a range of measures to support business and jobs in our state, these are as follows:
$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.
The most important of these to our small business clients is the Waiver of Payroll Tax for the months April, May, June 2020, and the increase in the threshold at which Payroll Tax starts, to $1,000,000 for next financial year.
There are numerous factors which will need to be considered when completing the Annual Payroll Tax return, and these will be addressed on a client by client basis.
The full text of the State Government Announcement can be found here.