NSW Government Unveils $2.3 billion Stimulus Package
The New South Wales State Government will target hospitals, critical health care equipment, and small business tax relief as part of its response to the coronavirus pandemic.
The NSW Premier, Gladys Berejiklian has released details of a stimulus package aimed and bolstering the state's hospitals to cope with increased testing, intensive care, and preparations for escalation of the crisis, whilst also focusing on tax cuts for businesses that employ tens of thousands of people.
The highlights of the package include:
- $700 million in health funding to prepare for testing and bring forward elective surgery
- $1.6 billion in tax relief for small businesses, including:
o $450 million to waive payroll tax for the next three months for businesses with up to $10 million in payroll.
o The next round of payroll cuts has also been brought forward to raise the threshold limit to $1 million for the next financial year
o $80 million to cut fees and charges for restaurants, cafes, and bars, and for tradespeople
- $250 million for extra cleaners for public infrastructure such as transport, schools, and public buildings
- $250 million to fast-track maintenance on social housing, crown land fencing,
- $500 million to bring forward capital works and maintenance
As always, we recommend you speak to your accountant to understand how these measures will benefit your business and what it may be eligible for.
Please contact us on 02 9957 4033 for more information.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.