{"id":2124,"date":"2020-11-19T22:48:28","date_gmt":"2020-11-19T22:48:28","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup"},"modified":"2023-05-15T14:20:39","modified_gmt":"2023-05-15T04:20:39","slug":"nsw-budget-2020-21-roundup","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup","title":{"rendered":"NSW Budget 2020-21 roundup"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">The NSW Treasurer, Dominic Perrottet, handed down the <strong><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.budget.nsw.gov.au%2F2020-21-Budget-Papers&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7Ca384d69a3f644685719508d88c535520%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637413636821823270%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=iAY%2FqNgr8vVfsdCrzLc8NqeXHsX8Zl4SB9e0GuSjtbw%3D&amp;reserved=0\">NSW Budget 2020-21<\/a><\/strong> on 17&nbsp;November&nbsp;2020.&nbsp;Some of the key tax measures aimed at supporting businesses are outlined below.<\/h4>\n\n\n\n<h2 class=\"wp-block-heading\">Budget outcome and employment numbers<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">New South Wales recorded a budget deficit for 2019-20 of $6.9 billion. The 2020-21 Budget projects a budget deficit of $16 billion in 2020-21. This is expected to taper back to a deficit of $460 million in 2023-24 and the Government is anticipating a return to surplus by 2024-25.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the first half of 2020-21, the unemployment rate rose to its highest level since the late 1990s to 7.2%. The Budget Papers expect to see the unemployment rate move higher &#8220;in the near term&#8221; (coinciding with the removal of the Commonwealth job support measures), but expect the unemployment rate to &#8220;ease back&#8221; to around 6.5% by&nbsp;June&nbsp;2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Payroll tax changes<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are 2 changes affecting payroll tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, the payroll tax rate will be reduced from 5.45% to 4.85% for 2020-21 and 2021-22.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second, the payroll tax threshold will increase from $900,000 to $1.2 million from 1&nbsp;July&nbsp;2020. This is a permanent measure (unlike the changes in the rate). It had previously been announced that the threshold would increase to $1 million from 1&nbsp;July&nbsp;2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <em><strong><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.parliament.nsw.gov.au%2Fbills%2FPages%2Fbill-details.aspx%3Fpk%3D3824&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7Ca384d69a3f644685719508d88c535520%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637413636821833225%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=c7rvvOCzHPsxY5gZwwvm7GFrVnLT8dtUU4bt1BD%2BqIQ%3D&amp;reserved=0\">Payroll Tax Amendment Bill 2020<\/a><\/strong><\/em> has been introduced into the NSW Parliament to implement these measures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Digital voucher for certain SMEs ($1,500)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Government is to introduce a digital voucher scheme for those businesses who do not pay payroll tax (and so cannot get the benefits of the payroll tax changes).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The voucher will be:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>available for small to medium-sized businesses in NSW which do not pay payroll tax;<\/li><li>capped at a cost of $1,500 per business, and be used towards the cost of any government fees and charges;<\/li><li>accessible through the MyService NSW portal and operate as a rebate, where a claim can be made after fees and charges have been paid; and<\/li><li>available for use from&nbsp;April&nbsp;2021 to 30&nbsp;June&nbsp;2022.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Land tax relief for landlords\/rental relief for tenants<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The NSW Government currently provides land tax relief for landlords who are providing rent relief pursuant to the <em><strong><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fbusiness.gov.au%2FRisk-management%2FEmergency-management%2FCoronavirus-information-and-support-for-business%2FRelief-for-commercial-tenancies&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7Ca384d69a3f644685719508d88c535520%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637413636821833225%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=f8RArUAqYDyE0eza6Voswedhen3VqIAEkoKFeqn0gHo%3D&amp;reserved=0\">National Cabinet Mandatory Code of Conduct \u2013 SME Commercial Leasing Principles<\/a><\/strong><\/em>, ie those who reduce the rents of tenants experiencing financial distress as a result of COVID-19. (That link is quite useful, as it also provides details of the application of the Code by the various States and Territories.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Landlords can receive land tax relief (in the (current) 2020 land tax year) of up to 50% of their land tax liability relating to the land leased. It applies to commercial tenants who have an annual turnover of $50 million or less.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Budget extends the land tax concession, subject to some important changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, the Government will provide land tax relief of up to 25% for the 2021 land tax year for landlords of retail tenants (ie rather than 50%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second, in 2020, commercial tenants must have an annual turnover of not more than $50 million, in order for the rental reductions to be eligible. In 2021, the relief will be limited to rental reductions provided to retail tenants with annual turnover of up to $5 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Specifically, the relevant <em><strong><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.revenue.nsw.gov.au%2Fnews-media-releases%2Fnsw-state-budget-2020-2021&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7Ca384d69a3f644685719508d88c535520%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637413636821833225%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=jxOJDjUZYQaqLExfmRC1zcdJDKFoFLlCkaVQBS06Vz4%3D&amp;reserved=0\">press release<\/a><\/strong><\/em> states that to be eligible for relief from 1&nbsp;January&nbsp;2021 to 28&nbsp;March&nbsp;2021:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>the lease must be a retail lease;<\/li><li>the annual turnover of the tenant must be less than $5 million;<\/li><li>the tenant needs to re-establish eligibility by demonstrating a 30% decline in turnover (15% for non-profits) for the&nbsp;December&nbsp;2020 quarter.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">$100 digital vouchers<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Each adult NSW resident will be eligible to claim up to $100 in digital vouchers to spend on eating out and entertainment (including restaurants, visitor sites and cultural attractions).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There appears to be quite a bit of information in the media about this proposal, but there was scant detail on the NSW Treasury <em><strong><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.treasury.nsw.gov.au%2Findex.php%2F&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7Ca384d69a3f644685719508d88c535520%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637413636821843184%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=txQ0PuT%2BEo%2B1Y6OkmaZQ9vRP36Vda%2Flm64VTwOodITI%3D&amp;reserved=0\">website<\/a><\/strong><\/em> as at the time of publication.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jobs Plus Program<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <em><strong><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https:%2F%2Fwww.nsw.gov.au%2Fprojects%2Fjobs-plus-program%23:~:text%3Dreceiving%2520more%2520information-%2CAbout%2520the%2520program%2Cexpand%2520their%2520footprint%2520in%2520NSW&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7Ca384d69a3f644685719508d88c535520%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637413636821843184%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=JyhtFW4fsRhfjtWy9CGqkt9rYV3b34MHjspeNIEy1TA%3D&amp;reserved=0\">Jobs Plus Program<\/a><\/strong><\/em> is a $250 million program designed to support companies who want to &#8220;expand their footprint&#8221; in NSW. It will provide private and non-government sectors seeking to invest in job-creating projects, proposals and partnerships, with support throughout the critical stages of business development. It is aiming to create or support up to 25,000 jobs to 30&nbsp;June&nbsp;2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key elements include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em><strong>payroll tax relief<\/strong><\/em> \u2013 up to a 4-year period, for every new job created where a business has created at least 30 new net jobs;<\/li><li><em><strong>assistance with the NSW planning system<\/strong><\/em> \u2013 this will include &#8220;fast tracked planning approval pathways and advice&#8221;, plus guidance on appropriate site selection to increase speed to market;<\/li><li><em><strong>subsidised training programs<\/strong><\/em> \u2013 partnering to develop subsidised training programs in order to build specialised skills aimed at sustaining these new jobs into the future. This includes funding to develop and deliver &#8220;bespoke skills programs&#8221; which can be accessed by the wider NSW community;<\/li><li><em><strong>providing enabling infrastructure<\/strong><\/em> \u2013 this will include building local roads, access to utilities and future-proofed digital infrastructure;<\/li><li><em><strong>Jobs Plus Concierge Service<\/strong><\/em> \u2013 access to a one-stop-shop&nbsp;Jobs Plus Concierge Service in government to help businesses efficiently navigate and access government agencies and programs;<\/li><li><em><strong>Government spaces and accommodation<\/strong><\/em> \u2013 access to free or subsidised government spaces and accommodation.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Interested parties are encouraged to register.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This article was first published in Thomson Reuters\u2019&nbsp;<em><a href=\"https:\/\/store.tax.thomsonreuters.com.au\/en\/store\/online\/weekly-tax-bulletin\/p\/41412999\">Weekly Tax Bulletin<\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The NSW Treasurer, Dominic Perrottet, handed down the NSW Budget 2020-21 on 17 November 2020.  This article outlines some of the key tax measures aimed at supporting businesses.<\/p>\n","protected":false},"author":214,"featured_media":2125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[659],"tags":[],"insight_job_role":[702,704,880,881,882],"insight_practice_area":[],"class_list":["entry","author-ianmurrayjones","has-excerpt","post-2124","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-tax-reporting","insight_job_role-accountant","insight_job_role-accounts-finance-professional","insight_job_role-tax-accountant","insight_job_role-tax-agent-advisor","insight_job_role-tax-manager-director","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NSW Budget 2020-21 roundup - TR - Business Insight Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NSW Budget 2020-21 roundup - TR - Business Insight Australia\" \/>\n<meta property=\"og:description\" content=\"The NSW Treasurer, Dominic Perrottet, handed down the NSW Budget 2020-21 on 17 November 2020. This article outlines some of the key tax measures aimed at supporting businesses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\" \/>\n<meta property=\"og:site_name\" content=\"TR - Business Insight Australia\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-19T22:48:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-15T04:20:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2020\/11\/NSW-Budget-roundup-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1761\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ian Murray-Jones\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ian Murray-Jones\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup#article\",\"isPartOf\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\"},\"author\":{\"name\":\"Ian Murray-Jones\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/#\/schema\/person\/002152a40075a6207824cc2a321578c7\"},\"headline\":\"NSW Budget 2020-21 roundup\",\"datePublished\":\"2020-11-19T22:48:28+00:00\",\"dateModified\":\"2023-05-15T04:20:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\"},\"wordCount\":872,\"image\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2020\/11\/NSW-Budget-roundup-scaled.jpg\",\"articleSection\":[\"Global Tax &amp; Reporting\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\",\"url\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\",\"name\":\"NSW Budget 2020-21 roundup - TR - Business Insight Australia\",\"isPartOf\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2020\/11\/NSW-Budget-roundup-scaled.jpg\",\"datePublished\":\"2020-11-19T22:48:28+00:00\",\"dateModified\":\"2023-05-15T04:20:39+00:00\",\"author\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/#\/schema\/person\/002152a40075a6207824cc2a321578c7\"},\"breadcrumb\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/nsw-budget-2020-21-roundup#primaryimage\",\"url\":\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2020\/11\/NSW-Budget-roundup-scaled.jpg\",\"contentUrl\":\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2020\/11\/NSW-Budget-roundup-scaled.jpg\",\"width\":2560,\"height\":1761,\"caption\":\"Pedestrians walk to work in downtown Los Angeles, California May 13, 2014. 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