Payroll tax reductions and deferrals to support businesses

Treasurer, Minister for Finance and Small Business

NSW businesses are set to benefit from further payroll tax relief to help ease the financial burden of COVID-19 lockdowns.

Treasurer Dominic Perrottet said targeted support was being made available through Revenue NSW, with payroll tax deferrals already available for all businesses and a 25 per cent reduction on the 2021-22 payroll tax reconciliation for eligible businesses.

“Many businesses across the State are doing it tough right now with less foot traffic resulting in a decline of sales and transactions,” Mr Perrottet said.

“These payroll tax measures are part of over $4 billion in various business grants and assistance to help businesses stay in business and to keep staff in jobs.”

“We have said right throughout the pandemic that we would put people, businesses and jobs ahead of the budget, which is why we are rolling out a record business support program.”

Finance and Small Business Minister Damien Tudehope said the NSW Government was standing by to help businesses wherever possible.

“We know the effects of restrictions are being felt right across the state and that’s why we have ensured that all payroll tax customers are able to take advantage of the deferral and repayment options, regardless of size or geographical location,” Mr Tudehope said.

“We want to free up cash for businesses at a time when businesses are doing it tough, by waiving or deferring their tax.”

All NSW businesses who have a payroll tax liability have the option of deferring lodgement and payment of their 2020/21 annual reconciliation until 7 October 2021.

Customers required to lodge monthly returns will also have the option of deferring their returns due in August and September until 7 October 2021.

In addition, all payroll tax customers that defer their payments are eligible for an interest free payment plan of up to 12 months.

Businesses with wages between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover will get a 25 per cent reduction of their 2021/22 payroll tax. This will deliver even more support to smaller businesses.

For more information about payroll tax reductions and deferrals, customers should visit Revenue NSW

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