Tax Relief Package For Business Across New South Wales

Tax Relief Package For Business Across New South Wales

New South Wales Deputy Premier John Barilaro

Billions In Tax Relief For Business

Victor P Taffa

  • $1 Billion Fund For Jobs
  • Help For The Vulnerable

New South Wales Government today released the second stage of its economic package aimed at keeping people in jobs, helping businesses and supporting our most vulnerable in the face of the COVID-19 pandemic.

Key elements of the New South Wales COVID-19 Stage 2 package include:

Keeping people in jobs and helping businesses stay afloat

  • Creation of a $1 Billion Working for New South Wales fund to sustain business, create new jobs and retrain employees. The fund is already being put in to action with 1,000 new staff for Service New South Wales announced this week to be funded by the program. The Working for New South Wales fund will comprise $750 Million in new funding and $250 Million announced last week for additional cleaning services.
  • Deferral of payroll tax for business with payrolls over $10 Million for 6 months (up to $4 Billion deferred). Businesses with payrolls of $10 Million or less received a three-month waiver on payroll tax in the first package. These businesses will now get an additional 3-month deferral as well.
  • Deferral of gaming tax for clubs, pubs and hotels, and lotteries tax for 6 months, conditional on these funds being used to retain staff. This improves liquidity and helps these businesses stay afloat.
  • Deferral of the parking space levy for 6 months.
  • Deferral of rents for 6 months for commercial tenants with less than 20 employees in all Government-owned properties.

Helping our most vulnerable

  • $34 Million boost in funding to prevent homelessness.
  • $30 Million to boost the Energy Accounts Payments Assistance scheme.
  • $10 Million to support charities and $6 Million additional funding for Lifeline’s operations in New South Wales.

Deputy Premier John Barilaro said the New South Wales Government’s package will support employment, provide relief for business and protect those most in need.

“These are unprecedented times and if we are to emerge in the best shape possible, we need to ensure businesses keep their heads above water and keep employees on the books.” Deputy Premier Barilaro said.

“Now is the time for all of us to work together, support each-other, show compassion and lend a hand wherever we can to those hurting.”

“We will do whatever it takes to help businesses stay afloat so that they can hold onto as many jobs as possible as we get through this crisis. We will also be there to support those most vulnerable to ensure no one is left behind.” Deputy Premier Barilaro said. 

New South Wales last week announced a $2.3 Billion funding package which included a $700 Million to boost health and $1.6 Billion for tax cuts and job creation.

New South Wales Treasurer Dominic Perrottet said the new measures were timely, targeted and temporary and had been “designed for maximum impact and immediate effect”.

“New South Wales Government is leading from the front with a package which complements the stimulus measures delivered by the Commonwealth and RBA.” Treasurer Perrottet said.

“When you combine this announcement with last week’s stimulus package the New South Wales Government is ensuring billions are available to help business, support jobs, boost our health system and protect the vulnerable.”

“Our expectation is that any relief provided by the New South Wales Government will be used to contribute to help businesses stay in business and people stay in jobs. It’s vital we keep people employed and ensure we have the ability to rebound when things improve.”

Abbreviations:

RBA                Reserve Bank of Australia