Billions in tax relief for business, $1 billion fund for jobs, and help for the vulnerable
Adams Triglone • March 25, 2020
Billions in tax relief for business, $1 billion fund for jobs, and help for the vulnerable
Key elements of the NSW COVID-19 stage two package include:
Keeping people in jobs and helping businesses stay afloat
- the creation of a $1 billion Working for NSW fund to sustain business, create new jobs and retrain employees. The fund is already being put in to action with 1000 new staff for Service NSW announced this week to be funded by the program. The Working for NSW fund will comprise $750 million in new funding and $250 million announced last week for additional cleaning services
- deferral of payroll tax for business with payrolls over $10 million for six months (up to $4 billion deferred). Businesses with payrolls of $10 million or less received a three-month waiver on payroll tax in the first package. These businesses will now get an additional three month deferral as well
- deferral of gaming tax for clubs, pubs and hotels, and lotteries tax for six months, conditional on these funds being used to retain staff. This improves liquidity and helps these businesses stay afloat
- deferral of the parking space levy for six months
- deferral of rents for six months for commercial tenants with less than 20 employees in all Government-owned properties.
Helping the most vulnerable
- $34 million boost in funding to prevent homelessness
- $30 million to boost the Energy Accounts Payments Assistance scheme
- $10 million to support charities and $6 million additional funding for Lifeline's operations in NSW.
Update taken from www.nsw.gov.au