Tag: New South Wales NSW

Northern Beaches Sydney cafe

Energy efficiency grants for SMBs Round 2

Posted on | by Allan Hall

Extra $41M Boost for SMEs to Reduce Energy Bills

The grant opportunity provides eligible small and medium businesses up to $25,000 to purchase energy-efficient equipment to reduce and manage energy usage and costs.

  • NSW applications open Monday 26 February 2024 12.00pm AEDT

Overview

The Energy Efficiency Grants for Small and Medium-Sized Enterprises Round 2 will support businesses to upgrade or replace inefficient equipment to improve their energy efficiency. These upgrades will enable industries to reduce their energy use, manage energy cost volatility in the long term and contribute to Australia’s target of a 43% reduction in 2005 emission levels by 2030.

The objectives of the program are:

  • improve energy efficiency practices and increase the uptake of energy-efficient technologies
  • assist small and medium businesses to manage their energy usage and costs
  • reduce greenhouse gas emissions.

The intended outcomes of the program are:

  • increase awareness of energy efficiency opportunities and help businesses to save energy
  • reduced power bills for small and medium businesses
  • emissions abatement to contribute to Australia reducing its emissions to 43% below 2005 levels by 2030.

Check if you can apply

The eligibility criteria are a set of rules that describe who we can consider for this grant. You can apply if you:

  • are an eligible entity
  • have an eligible project
  • have eligible expenditure.

The rules are in the grant opportunity guidelines.

Projects cannot be funded if you received any grant funding in the Energy Efficiency Grants for Small and Medium-Sized Enterprises Round 1 program.

You can only receive one Energy Efficiency Grant for Small and Medium Sized Enterprises Round 2 grant per applicant (as determined by your ABN).

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Covid 19 Relief

Land Tax changes to principal place of residence exemption

Posted on | by Allan Hall

Land tax principal place of residence exemption changes

From 1 February 2024, persons who purchase and occupy a property but own less than 25% interest (either solely or combined) will not be entitled to the principal place of residence exemption from the 2025 land tax year onwards, transitional provisions may apply until the 2026 land tax year for existing homeowners and those who purchase a property and claim the exemption by 31 January 2024.

Principal place of residence

You can claim an exemption for land that you use and occupy as your principal place of residence (your home).

The general requirements of this exemption are that you must:

  • only claim one exemption per family
  • only claim one principal place of residence worldwide
  • have continuously used and occupied the property solely for residential purposes before the taxing date
  • have used the land for residential purposes
  • be a natural person — the exemption does not apply to land owned partly or wholly by a company or held in a Special Trust.

The 2023-24 NSW State Budget announcement introduced an amendment to Schedule 1A of the Land Tax Management Act 1956. Following the amendments, a principal place of residence exemption will only be available to a person/s occupying the property as their principal place of residence who owns an interest of at least 25% in the property, either solely or combined.

The transitional provision provides that, those who claim the principal place of residence exemption from land tax but own less than a 25% interest in the land may continue to claim the exemption for the 2024 and 2025 land tax years. The minimum 25% ownership requirement will then apply to these owners from the 2026 land tax year onwards. The principal place of residence exemption must be claimed by 31 January 2024 for the transitional provisions to apply.

For persons who purchase a property on or after 1 February 2024 and own less than a 25% interest in the land will not be entitled to the principal place of residence transitional provisions, making them liable from the 2025 land tax year.

When applying for the exemption you may need to provide supporting documents such as but not limited to:

  • electricity bill showing usage
  • gas bill showing usage
  • home and contents insurance policy

Council land rates and water rates are not acceptable documents as these do not demonstrate you reside in the property.

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NSW State Budget 2023-24

Posted on | by Allan Hall

The 2023-24 NSW State Budget has a strong focus on tightening tax compliance, as well as changes to a number of exemptions and duties:

  • Funding Revenue NSW to Target Tax Compliance
  • Land Tax – Closing the loophole for Principal Place of Residence Exemption
  • Landholder Duty – changes to threshold for acquiring a “significant interest” in a private trust
  • Fixed and nominal duty amounts increased

This year’s NSW State Budget does not explicitly mention specific measures targeted at small businesses. However, it does mention some broader economic and infrastructure initiatives that could indirectly benefit small businesses. These include:

  1. Toll Reform: Introducing a two-year toll cap and streamlining motorway pricing
  2. Infrastructure and Transport: Investments in infrastructure projects, including road upgrades and improved public transportation
  3. Energy Relief and Reform: Addressing high energy costs through rebates and energy market reforms
  4. Disaster Relief: Funds allocated for natural disaster support and recovery programs.

Measures for First Home Buyers

The State Budget includes an expansion to the First Home Buyers (FHBs) Assistance Scheme to support FHBs with a stamp duty exemption for purchases up to $800,000 and a concession for purchases between $800,000 and $1 million.

Five out of every six first home buyers will pay no stamp duty, or a concessional rate after the Government expanded stamp duty exemptions and concessions from 1 July 2023. According to preliminary figures, more than 1,000 FHBs purchasing in the $650,000 to $800,000 range have availed themselves of the full exemption from stamp duty in July under the scheme.

The measures announced in the 2023-24 NSW State Budget can have implications for the business environment in New South Wales, including those for small businesses and are outlined in the Treasury and Revenue Legislation Amendment Bill 2023 expected to be implemented from 1 February 2024, once the Bill has been passed by Parliament.

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Medical and Health

NSW and Victoria enforce GP Payroll Tax

Posted on | by Allan Hall

New rulings on state revenue clarify that medical centres will be held accountable for the tax under service fee arrangements.

Unlike Queensland and South Australia, which have introduced temporary amnesties, medical centres in Victoria and NSW are now subject to payroll tax obligations.

The NSW and Victorian state revenue authorities simultaneously issued almost identical rulings on Friday. These acknowledge a pivotal court decision that altered the landscape for GPs practising in medical centres.

While Western Australia pursues its own course, the remaining four mainland states are aligned on the matter, with one crucial exception.

Unlike Queensland and South Australia, which have declared amnesties for practices, there has been no such announcement from Victoria or NSW. It is unlikely to occur as both states have previously expressed their aversion to this approach.

The tax obligation was confirmed by the case of Thomas and Naaz Pty Ltd v Chief Commissioner of State Revenue [2021], focusing on the definitions of an employee and a “relevant contract.” The rulings in Victoria and NSW underscored the continuity of existing legislation and merely aim to provide clarity on their longstanding stance.

Historically, customary service fee arrangements, where medical centres collect patient fees and then deduct service fees for administrative purposes (billing, room usage, staffing costs, etc.) were generally considered outside the scope of payroll tax. However, after the outcomes of the Thomas & Naaz and Optical Superstores cases, both favouring state revenue bodies, these practices have been singled out for necessary adjustments.

Numerous practices have been anticipating this to institute alterations in their procedures and agreements.

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fire hydrant workplace health and safety

SafeWork NSW Small Business Rebate

Posted on | by Allan Hall

$1,000 SafeWork NSW small business rebate

Key information

  • Status: Ongoing
  • Grant amount: Up to $1,000
  • Applications opened: 1 October 2018

Apply at https://smallbusinessrebate.safework.nsw.gov.au/forms/12271

If you are a small business owner in NSW, this $1,000 rebate will help you purchase safety items to improve work health and safety for you and your workers.

This program is administered by SafeWork NSW.

Who can apply

Small business owners and sole traders who have an ABN and less than 50 full-time employees. Charities and not-for-profits can also apply.

The application must be in the name of the registered business owner. The registered business owner must agree to the terms and conditions.

What your application needs to include

  • Proof your business meets the eligibility criteria
  • Proof that you completed an eligible SafeWork NSW education activity
  • Proof of purchase for eligible safety item/s

Start an application

You can confirm your eligibility at the start of the application.

  • If you have your eligible documents ready to upload, the application will take about 10 minutes to complete
  • You can save and return to your application at any time
  • The application must be in the name of the registered business owner and signed by them.

Read more including eligibility criteria at https://www.nsw.gov.au/grants-and-funding/1000-safework-small-business-rebate.

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Disaster assistance for NSW flood-impacted primary producers

Posted on | by Allan Hall

Primary producers affected by ongoing flooding in NSW can apply for recovery grants of up to $25,000. 

The jointly funded Commonwealth-State Disaster Recovery Funding Arrangements are aiding those impacted by recent natural disasters.

Key points:

  • Grants are available for eligible primary producers in the Local Government Areas that have been disaster declared from the most recent storm and flood event.
  • Assistance is available for the immediate clean-up and recovery costs to repair extensive damage to properties. 

A full list of eligible LGAs can be viewed on the NSW Rural Assistance Authority’s (RAA’s) Declared Natural Disasters webpage. 

Primary producers are encouraged not to self-assess and should consult their local Rural Financial Counselling Service or apply for the scheme so that the RAA can determine eligibility. 

For more information, or to lodge an application, visit www.raa.nsw.gov.au or call the RAA on 1800 678 593. If you are a farmer or a member of the community requiring an emergency response regarding livestock or animals, call 1800 814 647. 

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house key

NSW land tax changes 2023 year

Posted on | by Allan Hall

NSW First Home Buyer Choice

The NSW Government now provides first home buyers purchasing properties for up to $1.5 million the ability to choose to pay an annual property tax instead of stamp duty.

Key points

Changes to the NSW property tax system give first home buyers a choice:

  • Stamp duty for first home buyers in NSW can be paid upfront, or
  • Pay property tax every year until the property is sold.

Summary of the main changes for the 2023 year include:

  • Land tax threshold increases to $969,000
Tax yearGeneral thresholdPremium threshold
2023$969,000$5,925,000
2022$822,000$5,026,000
  • Foreign Owner surcharge increases to 4%. From the 2023 land tax year, the surcharge land tax payable on residential land owned by foreign persons increases from 2% to 4% of the taxable value of the residential land owned at midnight on 31 December 2022
  • Early payment discount reduced. From the 2023 land tax year, the discount for early payment of land tax reduces from 1.3% to 0.5%.

The property tax will only be payable by first home buyers who choose it, and will not apply to subsequent purchasers of a property.

The savings required to meet the up-front costs of a home purchase are an important barrier for many would-be purchasers. Removing the obligation to pay stamp duty is intended to lower these up-front costs and cut up to two years off the time needed by many first home buyers to save for a home. This initiative is designed to lower the up-front costs of home purchases and help to boost the rate of home ownership in NSW.

Existing stamp duty concessions for first home buyers are available for purchases of up to $800,000, and these concessions will continue. The property tax option will be available for properties for up to $1.5 million, helping a broader group to become first home buyers.

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flood

ATO support for flood-affected areas

Posted on | by Allan Hall

Disaster events

If you or your business is affected by a major incident or natural disaster that causes disruption to life or work, the ATO can work with you to help sort out your tax affairs.

Current events

If your business has been affected by the floods and you need support, contact the ATO when you are ready for tailored support.

How the ATO can support you

Depending on the situation, the ATO may be able to:

  • give extra time to pay tax or lodge tax forms such as activity statements or other forms
  • find your tax file number (TFN) by verifying identity using key information such as date of birth, address and bank account details
  • re-issue documents including income tax returns, activity statements and notices of assessment (for example if needed to access government payments or concessions)
  • help you reconstruct tax records that are lost or damaged so you can claim entitlements including income tax deductions or access government payments
  • prioritise any refunds owed to you
  • set up a payment plan tailored to your individual situation
  • remit penalties or interest charged during the time you have been affected.

When appropriate, varying their pay as you go (PAYG) instalments may be considered.

For assistance:

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businesswoman

New online hub helping women succeed in business

Posted on | by Allan Hall

NSW launches online hub to support female entrepreneurs

It will now be easier for women in NSW to start, run and grow their own businesses, thanks to the State Government’s new one-stop shop Women in Business Hub going live today.

Treasurer Matt Kean said the online Hub was a recommendation of the Government’s Women’s Economic Opportunities Review to improve women’s financial security through increased workplace participation.

“There are an estimated 800,000 small businesses in NSW, accounting for more than 98 per cent of all businesses in the state but just 33 per cent are led by women,” Mr Kean said.

“The Hub will connect women with personalised support, a ‘women in business’ toolkit, opportunities for networking, training, grants, funding and mental health support to enable more women to start and grow their own business.”

Minister for Women Bronnie Taylor said the 2021-22 NSW Intergenerational Report identified that although women’s participation in business ownership is projected to increase, it is still expected to remain below that of men.

“As Minister for Women I’m thrilled that the Women in Business Hub is live. We have created the Hub to help women overcome the initial challenges of starting and developing their own businesses,” Mrs Taylor said.

“The Hub will connect women to trusted resources including the Women’s Financial Toolkit and the Return to Work Toolkit which was designed to help women easily navigate reliable resources.” 

Minister for Customer Service and Digital Government Victor Dominello said the Hub will evolve over time, ensuring women receive targeted, bespoke information at their fingertips.

“By consolidating the relevant information and resources under the one roof at Service NSW, customers will now spend more time running their business and less time on bureaucracy,” Mr Dominello said.

“Whether you’re from Western Sydney, the bush or the coast, we’re here to support you through your business journey.” 

The Women in Business Hub will provide female business owners information on grants, funding, training education, networking, mentoring, mental health support as well as links to assistance including:

  • Service NSW for Business Concierge — can help with support and requirements across the NSW Government
  • Business Connect — provides independent business advice including how to start, grow or relaunch a business
  • NSW Small Business Commission — provides support, advocacy and mediation services
  • TAFE NSW’s Women in Business initiative — a fully subsidised online program for women who are looking to establish a micro business, a small business or who are operating or growing a business.

The NSW Government has committed $16.5 billion across 10 years as part of the 2022-23 Budget to grow economic opportunities for NSW women and to support early childhood education and development.

For more information visit the Service NSW website.

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