New measures to support small businesses
The NSW Budget 2018-19 will lift the payroll tax threshold from the current level of $750,000 to $1 million by 2021-22. This means over 5000 businesses will no longer have to pay the tax.
The Easy to do Business program will receive $37 million to extend into the housing construction sector. The program is a free service that reduces the time to open a small business in NSW.
The NSW Budget 2018-19 also includes:
- $13.5 million in 2018-19 for the Skills for Business program helping small businesses to grow by supporting workforce development through training in areas like digital and financial literacy, cybersecurity and business management.
- $7.6 million invested in 2018-19, to provide business advice and skills training to help businesses establish and grow.
- $46 million to continue to support fast-growing start-ups and SMEs with a suite of Jobs for NSW grants and loan products, and facilities including the Sydney Startup Hub.
- $42 million to invest in fast-growing companies through the GO NSW Equity Fund in partnership with First State Super and ROC Partners.
Deputy Premier and Minister for Small Business John Barilaro said NSW Budget 2018-19 shows the government is serious about backing small business in this state.
“The single most important thing we can do for small business is make it easier and faster for them to operate, and that’s exactly what this budget delivers,” Mr Barilaro said.
“Small businesses make up almost 98 per cent of all NSW businesses and employ almost 50 per cent of our workforce here in NSW – so it’s vitally important that those small operators are supported, and given the very best chance of success.