26 November 2011
NSW has been taking a battering in the wash of Australia’s economic uncertainty with business growth underperforming across the state. The O’Farrell Government unveiled its Jobs Action Plan earlier this year to generate 100,000 new jobs in the private sector across metro and regional areas.
As part of the plan, the Government has introduced a payroll rebate scheme to provide businesses the incentive to employ new staff and expand their operations. The eligibility criteria include:
- Employing a person in a new job (part or full time)
- Their employment commenced or commences after 1 July 2011-11-24
- The employment is maintained for a period of at least 2 years
- The services of the employee are performed wholly or mainly in NSW
- The employment is not excluded from the rebate scheme.
What’s in it for your business?
While the incentive is likely to be a short-term initiative, it’s a great opportunity for businesses seeking to grow and create momentum. Bates Cosgrave works with small businesses on a range of payroll matters, and we can certainly help you assess the value and impact of the rebate scheme for your business.
If you’re considering how to bring on staff by creating new roles, it’s a good leg-up to support employee expansion. We are also actively looking at other incentive programs for clients.
Want more information?
Visit the Office of State Revenue’s Payroll Tax Rebate Scheme FAQs page for more details. If you believe you’re eligible and would like advice on how to access the rebate scheme, please call us on 02 9957 4033 or please email us your query.
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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.