WHAT YOU NEED TO KNOW 

NSW GOVERNMENT STIMULUS PACKAGE

A $2.3 billion coronavirus stimulus package to boost health funding and provide payroll tax exemptions for businesses has been announced by the NSW Government.

The main points are:-

• $1.6 billion has been allocated by the government to stimulate the economy during the crisis and will help people keep their jobs

• To double capacity of intensive care units statewide the NSW Health will receive $700 million

• To employ more cleaners for state-owned buildings and public schools the government has allocated $250 million

The $1.6 million to stimulate the economy will include $450 million towards waiving payroll tax for 3 months for businesses who have payrolls of up to $10 million and would not have to pay the tax for the rest of this financial year. Whilst it is not clear it is expected that the payroll tax exemptions will be applied automatically.

The State Government has also announced the next round of payroll tax cut will increase the threshold limit to $1 million for the 2020 -21 financial year. The State Government also announced $80 million for waived fees and charges for small business such as cafes, restaurants and those in trade.