NSW Stimulus Package and support for business

03.04.2020 NSW Trade and Investment

In this disruptive and challenging environment, the Global NSW business update will provide you with up-to-date information from our network of overseas offices, market and export advisers on support for business, trade and investment.

Support for business

The NSW Government has announced two stages of an economic package that is aimed at keeping people in jobs, helping businesses and supporting our most vulnerable in the current environment. The key elements of these packages include:

Package One:

  • $450 million for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months (the rest of 2019-20)
  • $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21

Package Two:

  • the creation of a $1 billion Working for NSW fund to sustain business, create new jobs and retrain employees
  • an additional three-month deferral of payroll tax for businesses with payrolls of up to $10 million
  • deferral of payroll tax for business with payrolls over $10 million for six months (up to $4 billion deferred)
  • a range of other support packages for business, health and the community.

Small business grants:

Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope, announced today that the NSW Government will put $750 million into the Small Business Support Fund, enabling eligible small businesses affected by the shutdown to access grants of up to $10,000. Applications will be available through Service NSW within a fortnight and remain open until 1 June 2020.

For details on the NSW economic package and how it could apply to your business, contact Service NSW or 24/7 hotline: 13 77 88

The NSW Government economic package complements the Commonwealth Government stimulus package, which also includes a range of support measures for business. Further details can be found here.

Business engagement response

Export help in NSW: The NSW Government has a dedicated network of export advisers in Sydney and regional NSW who can provide expert advice and guidance on how to address trade challenges. Our advisers can also provide market intelligence, export capability development and access to international networks.

Help in international markets: Our staff across a network of offshore offices in China, India, ASEAN, Japan, Korea, UAE, UK and the USA are ready to assist exporters and importers affected by the impact on global supply chains to find alternative suppliers and customers.

Our network of offshore offices is ready to assist exporters and importers affected by the impact on global supply chains to find alternative suppliers and customers.

If you would like to get in touch with us, please contact the Global NSW Concierge using our ‘Export’ option on our online contact form or call 02 8222 4888. Companies already working with an Export Adviser can contact them directly.

NSW Exporter Business Survey 2020

By participating in this survey, you will help the NSW Trade and Investment team gather insights into the key issues your business is facing in this very challenging environment and inform how we can best support you right now. You can complete this survey via this link.

Global NSW is going digital

We are working to ensure exporters and businesses remain connected to international markets and have up-to-date information and insights, and so we are moving exporter capability and market information sessions online.

Thanks to those of you who joined us last week for an update on the Japan and China markets.

Join us for the next webinar, 'UK Market Update' on Thursday, 9 April 2020 from 05:00pm to 06:00pm (AEDT). Hear from Keirra Smith, NSW Trade and Investment Commissioner, UK about the impact of the current crisis on the market and the business response. Register for the event via Eventbrite.

More webinar dates will follow.

The Small Business Commission are also running webinars for business owners on topics including the stimulus packages and managing business risk. More information can be found here.
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