For businesses paying NSW payroll tax, they may be eligible to receive up to $5,000 for each increase in their full time equivalent (FTE’s) employees that have been created since 1 July 2011.
Recent amendments by the NSW government have made these rebates more generous and easier to access than ever before.
The NSW government has to be commended for its recent amendments to its payroll tax rebate scheme with a view to creating more jobs and stimulus in the NSW economy. The amendments increase the rebate from $2,000 to $3,000 in the second year of employment for new jobs since 1 July 2013 and remove the requirement for the first year rebate to be repaid even if the second year rebate eligibility has not been met. Further amendments have removed the target on the number of jobs to be created and the dates for the scheme have been extended till 30 June 2015, which means any new FTE’s created before this date would be eligible for the rebate.
For further information please contact Bramelle Partners or your payroll tax professional.