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NSW 2020-21 State Budget Recap

The NSW State Government has today announced their 2020-21 budget which includes wins for both businesses and individuals.

 

The big announcement for individuals is the ‘Out & About’ voucher scheme which will see $100 worth of vouchers given to every NSW resident over 18 for use in the hospitality and entertainment sectors. The vouchers will be available in 2021 after a trial in Sydney’s CBD in December. NSW residents will need to apply for the vouchers through the Services NSW app. The vouchers can be used at restaurants, cafes, pubs with kitchens, cinemas, zoos, museums and more.

 

Businesses and employers will benefit from the payroll tax rate being cut from 5.45% to 4.85%, backdated to July this year. The payroll tax threshold will also be lifted from $1 million to $1.2 million. For businesses that fall under this threshold, they will receive a $1500 voucher to use on government fees such as council rates. These changes are set to save NSW businesses $2.8 billion!

 

Tradies are set to benefit from $107 billion worth of shovel ready projects including transport projects, hospital upgrades and more. Newcastle are specifically winners in this area as $8.3 billion has been allocated to hospital upgrades, including upgrades for John Hunter. These are set to generate thousands of jobs.

 

Families and first home buyers will benefit as the 15 hours of free preschool funding per week has been extended until the end of 2021, and first home buyers will see the current stamp duty concessions replaced with a new grant worth up to $25,000.

 

If you require any information on how the NSW budget will affect your business or family, please don’t hesitate to call us on 02 4933 6888 for all of your business advisory needs.

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