25 June, 2018 / IN Tax and accounting / by Chad Stead
The NSW State Government have introduced a new initiative designed to encourage small businesses that do not pay payroll tax to employ new workers and expand their business.
The NSW State Government have introduced a new initiative designed to encourage small businesses that do not pay payroll tax to employ new workers and expand their business. Small businesses that are eligible will receive a $2,000 grant which will be paid to the eligible business bank account.
To be eligible your business must have an ABN and is not liable for payroll tax, the eligibilty period commences from 1 July 2015. Employers are required to register their business and the new employment – click on this link for the registration form: http://www.osr.nsw.gov.au/info/online/sbg
The employment must be maintained for a period of 12 months and the number of full-time-equivalents (FTE) prior to creating the new position must increase and is maintained over the 12 month period. Registration of the new employee must be lodged within 60 days after the employment commences and claiming the grant may be lodged within 60 days after the 12 month anniversary date – the grant is paid in arrears. Supporting evidence when making the claim includes BAS, personnel or wages records. Note that part-time and casual employees are eligible however the grant will be pro-rated for hours of employment.
Please contact your partner at Lambourne Partners to discuss the eligibility of your business.