On Thursday 22.7.2021, the NSW Treasurer announced further Covid related Payroll Tax Relief including reductions, deferrals and interest free payment plans. In the same Media Release, the Treasurer listed the other main relief measures for this July 2021 lockdown.
See below for further details.
On Thursday 22.7.2021, the NSW Government announced further payroll tax relief for businesses in response to the COVID-19 lockdowns.
Payroll Tax Relief
The following Payroll Tax measures were announced on Thursday 22.7.21:
- Businesses who have a payroll tax liability have the option of deferring lodgment and payment of their 2020-21 annual reconciliation until 7 October 2021;
- Businesses required to lodge monthly returns will also have the option of deferring their returns due in August and September until 7 October 2021;
- Businesses who defer their payments are eligible for an interest free payment plan of up to 12 months; and
- Businesses with wages between $1.2 million and $10 million that have experienced a 30% decline in turnover will get a 25% reduction of their 2021-22 payroll tax.
For more details, businesses are advised to check the NSW revenue website.
Other Covid Relief already announced
Key components of the NSW Government’s COVID-19 support package include :
- The 2021 COVID-19 Business Grant is available to eligible NSW businesses that have a turnover between $75,000 and $50 million (inclusive), and a total Australian wages bill of $10 million or less. They can claim grants between $7,500 and $15,000 to cover the first three weeks of restrictions. Businesses can apply now by visiting service.nsw.gov.au;
- The JobSaver scheme, to be delivered together with the Commonwealth, will provide cash flow support to help eligible businesses retain staff. This will be up to 40 per cent of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Eligible non-employing businesses will receive $1,000 per week;
- From July 26, the Micro Business COVID-19 Support Grant will be available for eligible businesses with a turnover of more than $30,000 and less than $75,000 that experience a decline in turnover of 30 per cent or more. Eligible businesses will receive $1,500, tax-free, per fortnight of restrictions;
- Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100 per cent of the 2021 land tax year liability;
- Residential landlords who decrease rent for impacted tenants can apply for a grant of up to $1,500 or land tax relief depending on their circumstances.
- Introduction of legislative amendments to ensure a short-term eviction moratorium for rental arrears where a residential tenant suffers loss of income of 25 per cent due to COVID-19 and meets a range of criteria;
- No recovery of security bonds, or lockouts or evictions of impacted retail and commercial tenants prior to mediation.
[NSW Treasurer: Media Release; LTN 139, 22/7/21]