NSW Government launches stimulus package for coronavirus

NSW Stimulus Update – Government Waives Payroll Tax

Updated March 25th 2020

Todays $2.3 billion stimulus package from the NSW government is designed to strengthen the already under pressure health system and deliver valuable tax cuts for businesses. 

The package includes $450 million to waive payroll tax for the next three months for businesses with payrolls of up to $10 million.

An exemption applies to businesses with a turnover of less than $10 million. It means businesses will not have to pay the tax for the remainder of the financial year. The premier has also brought forward the next round of payroll tax cuts to raise the threshold limit to $1 million for the next financial year. 

There will also be $80 million set aside to axe a range of fees and charges for small businesses including bars, cafes, restaurants and tradespeople and $250 million to employ extra cleaners of public infrastructure such as transport assets, schools and other public buildings.

For full details click here.

UPDATE: Further clarification from Revenue NSW can be found here.