A further deferral of payroll tax instalments announced by the NSW Government will be welcomed by medium and larger business owners across the state, according to the region's peak business organisation, the Illawarra Business Chamber.
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The announcement comes as part of a second stimulus from the NSW Government which includes:
The deferral of payroll tax for six months for larger businesses with annual payrolls over $10 million.
Read also:
The extension of payroll tax deferral for businesses with payrolls of less than $10 million from three-months (announced recently) to six-months.
The deferral of rent for commercial tenants with less than 20 employees in all Government-owned properties.
Funding 1000 jobs in Service NSW to support the community through the pandemic.
"Payroll tax relief for these business owners is particularly important because we are talking about larger employers where jobs and livelihoods are at risk," Illawarra Business Chamber executive director Adam Zarth said.
"There is a lot of concern among the local business Lo at the moment about what the future holds for their business and their staff, many of whom have been part of family operations for generations."
"Now we need to see some assistance for businesses who don't pay payroll tax - sole traders and the 'mum and dad' businesses with a couple of staff members who don't know where to turn to for help at the moment."
"It is vital that businesses receive proper financial advice about what steps to take to save their business, which is why we asked government to provide $500 vouchers for small business owners to spend with their accountant or financial advisor to get that crucial guidance."
"What is clear is that specific industries will need support as this pandemic continues, and the Illawarra Business Chamber looks forward to working with the Government, as it has always done, on the best way to support business and ensure spending is targeted towards the industries that need it most," Mr Zarth said.