NSW $2.3b COVID-19 Stimulus package

The New South Wales state government yesterday announced a $2.3b stimulus package to assist with the challenges being faced due to COVID-19.  The package focusses on two areas; extra health funding and tax cuts for businesses as a measure to support jobs.
 
The package includes;
  • $450m waiver of payroll tax for businesses with payrolls of up to $10m until 30 June 2020.  This means that these businesses will save a quarter of their annual payroll tax bill in FY20
  • $56m to bring forward the next round of payroll tax cuts, by raising the threshold limit to $1m in FY21
  • $80m to waive a range of fees and charges for small businesses including bars, cafes, restaurants and trades
  • $250m to employ additional cleaners of public infrastructure such as; transport assets, schools and other public buildings
  • More than $250m to bring forward maintenance on public assets including social housing and crown land fencing
  • $500m to bring forward capital works and maintenance
  • $700m extra funding for NSW Health
Our team are working to keep you up to date on all concessions arising in response to the Coronavirus pandemic, at both a state and national level. 

If you would like to know more, please contact your Moore Stephens advisor on the details below to discuss your individual situation and how we can assist you during this unprecedented event.