NSW Government COVID-19 economic support for the State
NSW Government COVID-19 response measures to help businesses, organisations and individuals
The NSW Government has announced COVID-19 economic stimulus packages that complement the Federal Government’s measures.
Initiatives announced on 17 March were valued at $2.3 billion and included $1.6 billion for tax cuts and job creation and $700 million to boost health. The second announcement on 28 March included further cuts to payroll tax and other charges. A further announcement on 3 April included grants through a small business support fund, also applicable to arts organisations and sole traders.
The following support is available:
- Businesses with wages of up to $10 million a year can have their annual tax liability reduced by 25 per cent.
- All businesses liable for payroll tax can establish a Stimulus Payment Arrangement for up to 24 months and will have the option to include tax payable from the 2019/20 annual reconciliation and any monthly liabilities for July, August and September 2020 return periods. Only available between 26 October 2020 and 29 November 2020 via Payroll Tax Online Services.
- All businesses liable for payroll tax will benefit from an increase in the payroll tax threshold from $900,000 to $1 million in 2020/21.
- The Retail and Other Commercial Leases (COVID-19 Regulation 2020 introduced earlier this year provides protection to business owners who are finding it difficult meeting their lease obligations such as rental payments or outgoings.
- Businesses liable for the Parking Spaces Levy and have less than 20 employees are eligible for a six months deferral of the levy.
Business Concierge service
- Service NSW provides a business Concierge’ service, that can provide you with guidance if your business has been impacted by COVID-19 or NSW bushfires, by connecting you with support and advice.
Please check the relevant NSW Government websites for updates on these initiatives.