As the COVID-19 lockdown in Greater Sydney and surrounds is once again extended, the NSW Government has announced a significant support and relief package for businesses. In addition to cash flow support, businesses subject to payroll tax may be eligible for relief by way of waivers, reductions and/or deferrals
- For businesses with wages of $1.2m-$10m that experience a 30% downturn in turnover over the eligibility period, waivers of 25% of payroll tax are available.
- Deferrals of payroll tax payments of up to 2 months for eligible businesses.
- Repayment plans with Interest free terms.
These measures are in addition to the payroll tax relief announced in the 2020/21 NSW State Budget which included a temporary reduction to 4.85% for 20/21 and 21/22
As these relief measures have been put in place recently and rapidly, full details are yet to be published. Businesses affected should check in at https://www.service.nsw.gov.au/covid-19 and https://www.revenue.nsw.gov.au/help-centre/online-services/payroll-tax-stimulus-payment-arrangements for updated information and detail specific for their circumstances.
To discuss your general payroll tax situation as we start this new financial year, please reach out to me directly.
Peter Tobin, Tobin Partners Lawyers peter@tobin.net.au 0438 001 809
