Text - Tax Relief On A Notebook Sheet. Wooden Table
Credit: Text - tax relief on a notebook sheet. Wooden table
The NSW Government has decided to temporarily suspend payroll tax for small businesses as relief from the financial strain brought by the COVID-19 pandemic.
The measures have been lauded by the Business Council of Australia (BCA), which sees the measure as a way to help keep businesses running and their employees in work so they can provide for their families.
“Removing payroll taxes and providing relief to the most vulnerable will help protect the community as we deal with an unprecedented public health emergency,” BCA chief executive, Jennifer Westacott, said.
“NSW is leading the way and I encourage other states and territories to follow their lead during the COVID-19 crisis and give all businesses, big and small, relief from payroll tax. We thank the NSW government for listening.”
Westacott said that deferring payroll tax for all and waiving them for smaller ones is a good way to help keep people in jobs, to keep the economy ticking over and ensure that the economy can get back to full speed as quickly as possible once the crisis is over.
“Crucially, deferring commercial rents for small employers in government-owned properties and payroll taxes will help ensure that businesses can ramp back up once the recovery begins,” Westacott said.
Despite the challenges presented by COVID-19, Westacott is confident in the that efforts are being made to ensure continuity in operations.
“Businesses across the country are stepping up, along with the rest of the community,” she said. “They are restocking their shelves as quickly as possible, keeping their doors open and supporting their communities by paying their suppliers as quickly as possible. Our banks are continuing to lend, deferring repayments and extending their terms to give people room to move.”