Key Highlights

•    NSW Government provides update on Payroll Tax
•    Property inspections and on-site auctions to re-open in NSW

Payroll Tax

An update has been provided by the NSW Government regarding payroll tax and tax relief measures as part of its economic package to help businesses impacted by COVID-19.

Payroll tax payees have the option of deferring their payroll tax payments until October 2020. All affected parties are still required to lodge the 2019/20 annual reconciliation by the due date.  Any outstanding liability for the 2019/20 financial year and the monthly payments for the July, August and September periods will be deferred until October 2020. 

Payroll tax payees whose total grouped Australian wages for the 2019/20 financial year are $10M or less, will have their annual tax liability reduced by 25% when they lodge their annual reconciliation.

The tax-free threshold will increase from $900,000 to $1.0M for the financial year commencing 1 July 2020. 
 

NSW Property Inspections and On-Site Auctions to Reopen

The NSW Government has announced the relaxing of restrictions due to COVID-19 with agents and vendors now able to hold property inspections and on-site auctions. The measures to come into force from 9 May 2020. Key health guidelines include: 

•    Ensure physical distancing of greater than 1.5m is maintained
•    Promote good hygiene on premises and at auctions including hand sanitiser
•    Use digital platforms where possible to discourage physical contact
•    Keep detailed records of people attending open homes and auctions
•    Ensure people with any symptoms of illness do not attend a property
•    Manage the number of people entering small spaces
•    Consider extended times for open house viewings and inspections
•    Use outdoor venues for auctions wherever possible
•    If auctions are held indoors, use large venues where physical distancing can be maintained.

This article has been prepared with the kind assistance of the Property Council of Australia and after also viewing both press releases issued by the NSW Government. It was arranged by Geoffrey Learmonth, Founder and a Director of LPC.