With the NSW State Election results decided over the weekend, and a Liberal Berejiklian Government retaining enough seats to maintain their majority, we thought it was timely to look at what the next four years will look like for businesses in NSW.
There are a number of interesting announcements targeted at Small Businesses including:
Changes to the Payroll Tax threshold
The NSW Budget 2018-19 will lift the payroll tax threshold from the current level of $750,000 to $1 million by 2021-22. This means over 5000 businesses will no longer have to pay the tax.
This change will roll out in increments until full implementation in 2022, with the point at which companies start paying payroll tax rising to:
- $850,000 in 2018–19,
- $900,000 in 2019–20,
- $950,000 in 2020–21 before hitting
- $1 million in 2021–22.
This is great news, as it equates to a saving of approximately $13,652 for 40,000 Small Businesses by 2022.
Skills for Business funding
The NSW Liberal government have also allocated $13.5 million in their 2018-19 budget for the Skills for Business program which is designed to help small businesses to grow by supporting workforce development through training in areas like digital and financial literacy, cybersecurity and business management.
Deputy Premier and Minister for Small Business John Barilaro commented that the NSW Budget 2018-19 shows the government is serious about backing small business in this state.
“Small businesses make up almost 98 per cent of all NSW businesses and employ almost 50 per cent of our workforce in NSW – so it’s vitally important that those small operators are supported, and given the very best chance of success.”
The Business Law team at Kenny Spring Solicitors can help you to navigate how this budget will impact your business now and into the future, and are now conducting free Legal Health Checks for businesses across all industries.
To book your free legal health check, contact us on 1800 650 656! We’re here to help!
Aaron Strickland | Solicitor