What The NSW Budget Means For Small Business

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Are you a resident of NSW and either running your own business or thinking about starting your own business?

Whether you’re in regional NSW, or smack bang in the City of Sydney, we break down the NSW Budget for 2020-21 to see how this could impact you.

Does Your Business Need Practical Advice?

Under the budget, the Business Connect Program has been extended from 1 to 4 years. The Business Connect Program is a government initiative that gives confidential, independent advice on how to start, change or grow your small business.

So, no matter what stage your business is at — even if you’re just contemplating starting your own small business — you can get free advice.

Less Payroll Tax!

The payroll tax threshold, which was previously $1 million, will increase to $1.2 million.

On top of this, the payroll tax rate will go down to 4.85% (previously 5.45%) for the period of July 2020 to June 2022.

Does Your Small Business Want A Government Contract?

$5 million has been allocated to help small businesses tender for government contracts! There are big opportunities in this space — with the NSW Government spending almost $20 billion each year on small businesses to purchase goods and services.

This will be run by the Small Business Commissioner; check out how else they can help you here.

Return To Work Grant For Women

Grants of up to $5000 are available for women who have been out of work for a month or more and who plan to start work within 6 months. These grants can be used on things like training,education, office supplies, childcare and transport.

Training And Upskilling

This training will help job seekers and school leavers, and will be aimed at skills shortages in NSW. In particular, care industries, education and apprenticeships are set to benefit.

As well as training and upskilling, other focuses will be recruitment and retention of staff.

Small Businesses In Regional NSW

An additional $300 million has been put into the ‘Regional Growth Fund’ to be used over the next two years to support local facilities and projects, tourism, infrastructure, arts, sports, data connectivity, drought affected businesses, and encourage job growth.

If you’re a small business in regional NSW, you can check out what grants might be available to you here.

Are You Thinking Of Relocating Or Expanding In NSW?

The Jobs Plus Program will make relocating to NSW substantially easier and cheaper, as part of efforts to encourage job growth here.

Some perks are:

Free or subsidised accommodation and spaces to work in
Free support to access government programs, and support and fast tracked planning
Subsidised training programs
Payroll tax relief
Infrastructure support

Other Industries Set To Benefit

In addition to the above industries that have been hit hard by COVID-19, the arts and cultural sector, sports and the taxi industry will also receive targeted funding.

Vouchers For Funsies, And Eating Outdoors!

Lastly, here is a bit of fun news: every adult in NSW will get a voucher for $100 to use on entertainment or eating out. Great news if you are a small business in the entertainment or restaurant industry!

These measures are to help stimulate the economy and encourage spending, and could be only valid for slow week days.

If you’re a restaurant/entertainment business in the Sydney CBD, you could also benefit from the $15 million that has been put into the City of Sydney to encourage outdoor dining and entertainment — perfect for the longer evenings of the coming Summer months.

No matter what type of business you run, it’s worth checking out if there are any grants that could be open for you!

Justine Wu

Justine is a legal consultant at Sprintlaw. She has experience in civil law and human rights law with a double degree in law and media production. Justine has an interest in intellectual property and employment law.

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