Premier Gladys Berejiklian said the stimulus package is designed to keep people in jobs throughout the Corona crisis and to boost a range of medical services throughout the State.
As part of the recently announced measures, $450 million has been allocated to waive payroll tax for businesses with payrolls of up to $10 million for three months.
Master Builders understands that this will become effective from May 2020, which means these businesses will not have to pay payroll tax for the rest of the financial year.
Members are also advised that the next round of payroll tax cuts has also been brought forward. This means that for the next financial year 2020-2021, the threshold limit for a business in NSW to have to pay payroll tax will be $1 million.
Other parts of the stimulus package include:
- $80 million for fees and charges to be waived for small businesses such as cafes, restaurants and those in trades;
- $250 million for public schools and state-owned buildings to employ more cleaners;
- NSW Health will receive $700 million to help double the capacity of intensive care units State-wide.