[For the states of ACT and NSW]
There will be a six-month waiver of payroll tax from 1 April for businesses in the most-affected sectors such as tourism, hospitality and entertainment.
Medium-sized businesses with payrolls up to $10 million will be able to defer their 2020-21 payroll tax liability, interest free, until 1 July 2022. Businesses with payrolls under $2 million don’t pay payroll tax.
The government will accelerate payment of invoices for local enterprises to increase cash flow.
The government is waiving all food business registration, liquor licensing and outdoor dining fees for 12 months from April.
There will be a payroll tax waiver for businesses with payroll up to $10 million for three months up to 30th June 2020.
The payroll tax threshold will also be raised to $1 million from 1st July 2021.
$80 million in fees and charges to be waived for affected SMEs such as cafes, restaurants and trades. The NSW government has also dedicated $250 million towards hiring more cleaners for public buildings, by bringing forward more capital works and maintenance projects.
Not Sure HOW to Access These Concessions?
Not sure how to navigate through the current tax concessions available to you? Need a strategy to overcome your current situation?
CONTACT US NOW TO SCHEDULE A FREE 30-MINUTE COVID-19 SUPPORT CALL
What you will get:
· Certainty if you are well-prepared to maximize the concessions available to you
· Confidence in being able to prepare yourself and take action
· Clarity on what you need to do next
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I look forward to helping you during this difficult period. Together, we will get through this. Stay strong, and be great.