Financial stimulus package for small business
The NSW Government has announced a stimulus package that includes the following initiatives for small business:
Taxes
- Payroll tax changes
- Tax-free threshold increase from $900,000 to $1 million from 1 July 2020.
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Deferral of payroll tax for business with payrolls over $10 million for 6 months (up to $4 billion deferred).
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An additional 3-month deferral for businesses with payrolls of $10 million or less who received a 3-month waiver on payroll tax in the first package.
For more information about payroll tax changes, visit Revenue NSW.
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Deferral of gaming tax for clubs, pubs and hotels, and lotteries tax for 6 months, conditional on these funds being used to retain staff. This improves liquidity and helps these businesses stay afloat.
Rents and parking
Licence, registration and permit fee waivers
Licence, registration and permit fees will be automatically waived for 12-months on new applications and renewals lodged by eligible businesses and individuals as follows:
From 1 April 2020 to 31 March 2021
From 20 April 2020 to 19 April 2021
Licences relating to gambling are excluded.
From 15 April 2020 to 14 April 2021
From 20 April 2020 to 19 April 2021
For longer application and renewal durations, the licence fee is discounted by 1 year.
Fee waivers for change of class, amendments to licences and replacement licences are excluded.
Instant asset write-off
Boosting cash flow for employers
The Australian Government is providing a tax-free payment to eligible small and medium-sized businesses and not-for-profits (including charities) with aggregated annual turnover under $50 million that employ workers. Employers can receive an amount from $20,000 up to a maximum of $100,000 across two payments. For more information, visit Boosting cash flow for employers.
Backing business incentives
The Australian Government via the ATO is accelerating depreciation deductions. The time-limited backing business incentive aims to support business investment and short-term growth. A deduction of 50% of the cost of eligible new assets will apply.
ATO COVID-19 helpline
If you are experiencing difficulties meeting your tax and superannuation obligations because of COVID-19, phone the ATO Emergency Support Infoline on 1800 806 218.
ASIC COVID-19 relief
If you are experiencing difficulties meeting your obligations to the Australian Securities & Investments Commission (ASIC) due to COVID-19, you have the option of discussing payment plans and applying for fee waivers. For more information, visit ASIC COVID-19 relief.
Civil marriage celebrants annual registration fee
The Australian Government is waiving the annual fee for civil marriage celebrants when they renew their registration for the 2020/21 financial year. For more information, visit Fee relief for struggling marriage celebrants.
Toll roads
Sydney Harbour Bridge and Tunnel toll notices
Transport for NSW can temporarily suspend the recovery of unpaid toll notices for travel on the Sydney Harbour Bridge and Tunnel for those impacted by COVID-19. For more information call 13 77 88 or email toll.recovery@rms.nsw.gov.au
E-Toll customers
Transport for NSW can support those having trouble with their E-Toll account due to COVID-19. For more information, call 13 77 88 or email e-toll@service.nsw.gov.au
Linkt customers
Linkt have a range of support services available to help customers including:
- more time to pay
- fee waivers
- payment plans.
They are also providing eligible customers directly impacted by COVID-19 with up to 3-months’ toll credit. Visit Supporting our customers through COVID-19 to check if you're eligible.
