What it means for you
The 2024-25 NSW State Budget provides some assistance for business, considering the state's fiscal constraints and the current economic slowdown.
Key measures for small businesses include:
From the 2025 land tax year onwards, the land tax threshold of $1,075,000 and the premium rate of $6,571,000 will remain fixed and no longer be indexed to inflation. As land values increase, more property owners, including small businesses, will become liable to pay land tax or see their existing land tax bills rise substantially. This increased tax burden will likely be passed on to tenants in the form of higher rents or an increase in outgoings. It is expected to raise an additional $1.5 billion over 4 years for the NSW State Government.
Continuation of the $325 energy rebate for eligible small businesses.
Additional $5 million funding for the NSW Business Bureau, bringing the total to $30 million to support small business programs and services.
$8.9 million to continue fee-free training for apprentices and trainees.
$190.2 million for repairs and upgrades to TAFE facilities and digital infrastructure.
$324.5 million allocated to Destination NSW and the new Department of Creative Industries, Tourism, Hospitality and Sport to drive the visitor economy strategy.
$20 million for EV destination charges at regional tourist destinations.
Other Relevant Measures
The budget allocates a massive $5.1 billion for creating 8,400 new social housing homes, with 6,200 new builds and 2,200 rebuilds of existing dilapidated homes.
An additional $1 billion will go towards repairing 35,500 existing social housing properties.
Medical centres that bulk-bill over 80% of patients in Sydney (70% elsewhere) will receive a payroll tax rebate, encouraging more doctors to bulk-bill and reduce out-of-pocket costs for patients.
$527.6 million is allocated for emergency housing, shelters, crisis accommodation, and services to help the homeless transition to permanent housing, as well as $250 million for those at risk of homelessness.
Essential workers like nurses, teachers, and emergency responders will receive a $1,000 cost of living adjustment to help with rising inflation.
For more information on how you are impacted by this budget, please contact your Client Manager.