Payroll tax deferrals and reductions for New South Wales businesses
The extended COVID-19 lockdown in New South Wales has resulted in yet another update to the financial support packages for eligible businesses.
In addition to the previously announced COVID-19 Business Grant, the COVID-19 Micro Business Grant and the JobSaver packages, there are now payroll tax deferral and reduction packages available. We’ll look at each in turn.
Payroll tax deferrals
Any NSW business that is liable for payroll tax can apply for an interest-free repayment plans for up to 12 months for the following:
· 2021/21 financial year annual reconciliation
· July 2021 monthly payment
· August 2021 monthly payment
Applications for any of these payroll tax deferrals must be made prior to October 7 2021.
Payroll tax reductions
Eligible NSW businesses can apply for a 25% payroll tax reduction for the 2021/22 financial year. Each business must meet two criteria to be eligible:
1) an annual payroll of less than $10 million.
2) a decline in turnover of at least 30% due to COVID-19 restrictions.
Where do you apply for NSW payroll tax deferral and reduction packages?
Eligible businesses can apply now via the Service NSW website.
Are there any other tax deferrals available?
Clubs can defer the payment of their August quarter gaming machine tax until 21 December 2021.
Hotels can defer payment of their gaming machine tax for the June and September quarters until 21 January 2022.
How we can help
Our team at Scorpion Bookkeeping can help you work out and demonstrate your eligibility for these COVID-19 business support packages. We service a diverse range of clients in New South Wales, South Australia and Victoria and we can help you get through this challenging time.
Contact us today for a free, no-obligation consultation to find out how we can help your business!