In response to the current challenges we are facing due to the Coronavirus (COVID-19), the NSW Government has launched a multi-billion dollar stimulus package, with funding for NSW Health and payroll tax exemptions for businesses.
The key elements of the stimulus package will include:
1. There will be no payroll tax for this quarter for businesses with a payroll of less than $10 million. $450 million has been set aside to waiver this.
2. The payroll tax threshold will increase to $1 million for the next financial year.
3. NSW Health will receive $700 million to increase the capacity of intensive care units, testing facilities and medical equipment across NSW.
4. There will be $80 million allocated for cafes, restaurants and trades, to waive the fees and charges that small businesses are facing.
5. $250 million will be allocated for the cleaning of public assets such as public schools, NSW owned buildings, public trains and public buses.
The economic stimulus package will ultimately provide NSW with $700 million in extra health funding and $1.6 billion in tax cuts to support businesses.
The funding will be put in place within the next 6 months, to ensure funds are allocated appropriately. Additional detailed information regarding the roll-out of this funding is yet to come.
For further information regarding the initial economic stimulus package launched by the Australian Government on Thursday 12th March, please click here.
Please don’t hesitate to contact our team at Allan Hall Business Advisors should you have any queries or questions regarding the stimulus package.