NSW small businesses will save thousands of dollars under a NSW Liberals & Nationals Government, with the introduction of a raft of cost saving measures including cheaper insurance premiums, payroll tax cuts and access to the Energy Switch program.
Premier Gladys Berejiklian and Treasurer Dominic Perrottet today announced the Liberals & Nationals business booster package, which will ensure NSW remains the leading economic and employment powerhouse of Australia.
“Small business is the backbone of NSW, employing more than a million people, and helping to shape the future of the state we all love,” Ms Berejiklian said.
“The Liberals & Nationals know how important it is to ensure businesses can thrive and grow, so that they can employ more people.
“That’s why we are reducing costs, cutting tax, and slashing red tape – unlike Labor, who see NSW businesses as a cash cow.”
Key measures to assist businesses under the Liberals & Nationals include:
- $300 million in workers compensation insurance premium discounts over three years for 280,000 employers, delivering an average discount of 8 per cent, and maximum of 12.5 per cent, for employers with the safest workplaces.
- Ensuring 760,000 small business can utilise the NSW Government’s popular Energy Switch program and potentially save thousands off their bill.
- Continuing to slash payroll tax brackets progressively up to $1 million in 2021/22, with up to 38,000 businesses saving up to $8175 off their tax bill.
- Giving small businesses and tradies a head start in procurement by requiring NSW Government agencies to consider small business suppliers for everything they buy.
- Continuing to cut red tape and enhance the “Easy to do Business” program through work being undertaken by the NSW Productivity Commissioner.
Minister for Small Business John Barilaro said the latest small business numbers from the ABS show NSW is once again leading the nation with the highest number of small businesses added in the last year; a rise of almost 30,000.
“The Liberals and Nationals have a proven track record in supporting business growth across NSW, and small business is helping drive jobs growth and new opportunities in our state”, Mr Barilaro said.
NSW Treasurer Dominic Perrottet said the package of measures was a real win-win for both business and employees and would create thousands of jobs for NSW.
“The Liberals & Nationals understand that a vibrant business community means more jobs, increased opportunity and the chance for people to build a better future for themselves and their family,” Mr Perrottet said.
“These measures have very real consequences which could be the difference between a business hiring another employee or not.
“Our payroll tax cuts will benefit up to 38,000 businesses, while Labor are not only refusing to cut tax but planning to stop major infrastructure projects like the F6 extension and South-West Metro, costing thousands of jobs and stalling the NSW economy.”
The workers compensation premium discount rewards employers for making their workplace safer. Savings will vary from employer to employer depending on size, industry and safety record.
As an example, a medium sized employer in the childcare industry with a fair safety record and an Average Performance Premium (APP) of $50,000 would receive a discount of $1250 each year for the next three years.