NSW Government Stimulus Package – March 2020
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.