All NSW businesses that have a payroll tax liability will now have the option of deferring lodgement and payment of their 2020–21 annual reconciliation until 7 October 2021.
Businesses that are required to lodge monthly returns will also have the option of deferring their returns due in August and September until 7 October 2021.
Those who choose to defer their payments will also be eligible for an interest-free payment plan of up to 12 months.
The NSW government will also grant businesses with wages between $1.2 million and $10 million a 25 per cent reduction of their 2021–22 payroll tax if they have experienced a 30 per cent decline in turnover.
“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,” NSW Finance and Small Business Minister Damien 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.”
The state’s payroll support is part of its $4 billion support package, which includes the 2021 COVID-19 business grant, the JobSaver payment and the micro-business support grant.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.