Office of State Revenue State Roadshow

Some of our staff recently attended the Office of State Revenue State Roadshow. Below is a brief summary of the presentation:

SMALL BUSINESS GRANT

Businesses that increase the number of NSW Full-Time Equivalent (FTE) employees will receive a grant of $2,000 for each additional NSW employee in a new position at the anniversary date of employment. The grant is pro-rata if the FTE increase is less than 1 i.e. casual or part-time employees. Registration for the grant can be made within 60 days after the employment starts. If you are liable to pay Payroll Tax then you will not be eligible for this grant and should refer to the Jobs Action Plan (see below).

PAYROLL TAX – JOBS ACTION PLAN

Businesses that are liable to pay Payroll Tax could be eligible for a Payroll Tax Rebate of up to $5,000 for new jobs created after 1 July 2013. The number of FTE employees will need to have increased and maintained over a 2 year period in order to qualify. Registration for the grant can be made within 90 days after the employment starts. If eligible, you will receive $2,000 on the first anniversary and the balance on the second anniversary.

LAND TAX

The land tax threshold will increase to $482,000 from the 2016 tax year i.e. assessments dated December 2015. The premium threshold will increase to $2,947,000.

UNCLAIMED MONEY

The OSR have an online facility to search for any unclaimed money you may have from various sources. Use the following link to search:

http://www.osr.nsw.gov.au/info/online/ucm/claim

FIRST HOME OWNER GRANT (NEW HOME)

The current grant of $15,000 will be reduced to $10,000 for any contracts signed from 1 January 2016. Note also that if you have previously purchased an interest in residential property in Australia post 1 July 2000, but have not resided in that property for a continuous period of longer than 6 months, you may still be eligible for this grant.

NEW HOME GRANT SCHEME (FROM 1 JULY 2012)

Eligible applicants can receive a grant of $5,000 towards the cost of duties on the purchase of their new home. If the duty is less than $5,000, the difference will be refunded to the applicant.

Should you be interested in further information on any of the topics above, please give our office a call and we will be glad to assist.