Hundreds of millions of dollars will remain in the hands of NSW businesses from today, giving them much needed cash flow and allowing them more scope to retain employees, with the NSW Government\u2019s payroll tax assistance beginning to take effect.
\nThe NSW Government has deferred payroll tax payments for all businesses for six months in response to the COVID-19 pandemic.
\nBusinesses with payrolls of $10 million or less will also be eligible for a 25 per cent reduction in their annual liabilities for 2019-20, when they complete their annual reconciliation. These businesses will save around $450 million in payroll tax in 2019-20.
\nNSW Treasurer Dominic Perrottet said these measures will provide much needed cash flow and boost the liquidity of business at a critical time.
\n\u201cThis is about ensuring businesses are not paying tax when they are most in need,\u201d Mr Perrottet said.
\n\u201cInstead of sending the Government a payment we have deferred their tax to free up their funds at this critical time.\u201d
\nThe latest monthly payroll tax payments for businesses are due on 7 April and these payments can be deferred.
\nNSW Treasurer Dominic Perrottet said the health, families and jobs of the people of the state are all top priorities.
\n\u201cThis will leave money in the pockets of businesses which will help them deal with this once-in-a generation event,\u201d he said.
\n\u201cThese are unprecedented times and we want to give NSW businesses every opportunity to make it through to the other side.\u201d
\nThe NSW Government on 17 March announced the following measures:<\/p>\n
The NSW Government on 27 March announced the following measures:<\/p>\n
On 3 April, the NSW Government announced thousands of small businesses across NSW would receive grants of up to $10,000 under the $750 million Small Business Support Fund.
\nMr Perrottet said the NSW Government is doing all it can to help keep businesses afloat.
\n\u201cWe\u2019re supporting them to keep people in jobs and businesses in business,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hundreds of millions of dollars will remain in the hands of NSW businesses from today, giving them much needed cash flow and allowing them more scope to retain employees, with the NSW Government\u2019s payroll tax assistance beginning to take effect. The NSW Government has deferred payroll tax payments for all businesses for six months in … Continue reading “NSW BUSINESSES TO BENEFIT FROM TODAY AS PAYROLL TAX MEASURES TAKE EFFECT”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5892","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/5892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=5892"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/5892\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=5892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=5892"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=5892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}