Budget for Business
The 2009-10 Budget provides a significant boost for NSW businesses including payroll tax cuts, new business development programs and cutting red tape, to support jobs through challenging economic conditions. Key initiatives include:
- cutting the payroll tax rate to 5.65 per cent from 1 January 2010 and increasing the payroll tax threshold to $638,000 from 1 July 2009, as part of a series of reductions which will save NSW businesses around $2.7 billion between 2008-09 and 2012-13
- working to implement the Government’s commitment to save NSW businesses $500 million by June 2011 through reducing red tape
- establishing the Western Sydney and NSW Regional Employment Funds, to help businesses get started or expand
- providing $70 million over four years for the Major Investment Attraction Scheme, to attract new business and major projects to NSW
- providing almost 175,000 new training places over the next four years in skill shortage areas.