COVID-19 Economic Support – New South Wales

The NSW Government has released a stimulus package that will help to protect communities and jobs in the face of the COVID-19 outbreak over the next six months. This package has two key components — $700 million in extra health funding and $1.6 billion in tax cuts to support jobs.

Key elements of the NSW COVID-19 package include:

Business support and jobs

  • 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
  • Bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21
  • Wave a range of fees and charges for small businesses including bars, cafes, restaurants and tradies
  • Employ additional cleaners of public infrastructure such as transport assets, schools and other public buildings
  • Bring forward maintenance on public assets including social housing and crown land fencing
  • Bring forward capital works and maintenance.

If you would like to discuss your situation further, please speak to your accountant via the details below or email enquiry@primefinancial.com.au

Matthew Smith – matts@primefinancial.com.au 
John Driscoll – johnd@primefinancial.com.au

This post is provided to you by Prime Accounting and Business Advisory Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation. This post is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this post. All information is subject to change without notice. We and each party providing material displayed in this post disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of information or material in this post. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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