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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

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