If you hire more staff and increase your business’s capacity, then you might be interested that Mike Baird is giving you a $2,000 grant per new full-time equivalent position. This will be effective from 1 July 2015. Accountants in Sydney can help you navigate the application process and ensure you maximise the benefits of this grant.
The requirements to access this grant are as follows:
• You are not registered or paying payroll tax;
• The employment is maintained for a minimum period of 12 months;
• The new staff member has been hired for a new job/role (increase capacity);
• The new staff member is hired between 1 July 2015 to 30 June 2019;
• The new staff member must perform the work wholly or mainly in NSW.
Registration for the grant must be made within 60 days after the employment commences.
Larger businesses currently paying payroll tax won’t miss out and can still claim the Payroll Tax Rebate Scheme (Jobs Action Plan). This scheme has been extended to 30 June 2019. The grant is $5,000 per new position ($2,000 paid after Year 1 and $3,000 after Year 2).
The requirements to access this rebate are as follows:
• The employment is maintained for a minimum period of 2 years;
• The new staff member has been hired for a new job/role (increase capacity);
• The new staff member is hired between 1 July 2013 to 30 June 2019;
• The new staff member must perform the work wholly or mainly in NSW.
If you would like to know more, please feel free to contact us or visit the following websites for the small business grant http://www.osr.nsw.gov.au/grants/sbg, and the Payroll Tax Rebate Scheme (Jobs Action Plan) http://www.osr.nsw.gov.au/node/316/attachment
*Correct as of September 2015
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
