NSW BUSINESSES RECEIVE BROAD SUPPORT

NSW businesses are set to benefit from thousands of dollars in tax relief and a raft of other support measures designed to improve their cashflow and help them hire more staff.

Small businesses make up 97.5 per cent of businesses in NSW and are the backbone of the state’s economy. The NSW Government has acknowledged the need to support these enterprises following the challenges of drought, bushfires and COVID-19 through:

• $472m for new digital vouchers worth $1,500 for smaller enterprises to cover government fees and charges
• A two-year payroll tax rate cut from 5.45 per cent to 4.85 per cent and a permanent increase in the payroll tax threshold from $1 million to $1.2 million. The cuts will provide an average saving of around $34,000 a year for the next two years, with a total saving to businesses of about $2.4b
• $39m to extend the Business Connect program for a further three years
• $2.9b investment in vocational education and training to support the reskilling, retraining and redeployment of the state’s workforce
• Further development of the Service NSW app to support customers including businesses
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Business NSW CEO Nola Watson said: “The economic blueprint delivered in the Budget supports the ongoing need to create jobs, drive investment and build infrastructure. This Budget provides a clear vision and pathway to do just that, and the business community will be supportive of measures to drive down costs, create employment and build for the future.”

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Destination NSW
https://www.destinationnsw.com.au/