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As with any budget there are “winners’ and “losers”.
Yesterdays NSW Budget was no different, with a targeted cash splash aimed at stimulating the state’s hard coronavirus-hit economy.
Looks like Businesses are winners with a payroll tax overhaul – with the rate to be reduced from 5.45% to 4.85%, set to deliver businesses an average savings of $34,000 per year.
In addition, the adult version of the Active Kids Voucher, giving every adult resident in NSW 4 x $25 digital vouchers to get people back out to cafes, cinemas and amusement/wildlife parks, is aimed at a big boost for businesses.
Costing the government $472 million, these digital vouchers will be:
- Available to SMEs in New South Wales that don’t pay payroll tax;
- Capped at $1,500 per business, and be used towards the cost of any government fees and charges;
- Accessible online through the MyService NSW portal and work as a rebate, meaning a claim for the voucher is made after the fee has been paid; and
- Available for use from April 2021 to June 30, 2022.
And it seems the NSW Government is also hoping their planned infrastructure pipeline increase should have a positive flow on effects for businesses.
For more analysis and full budget details visit: https://www.budget.nsw.gov.au/2020-21-Budget-Papers
