17 March 2020 - WA State Government Stimulus Package
The WA State Government has just announced a stimulus package in response to the Corona virus outbreak. The main help to WA businesses is some payroll tax relief as outlined below.
“Payroll tax paying businesses with a payroll between $1 million and $4 million will receive a one-off grant of $17,500 to assist them to manage the impacts of COVID-19.It's expected 7,400 Western Australian businesses will benefit from the grant.
The McGowan Government will fast-track additional payroll tax relief for small businesses, with the payroll tax threshold increasing to $1 million from July 1, 2020, six months earlier than planned.
The $114 million payroll tax announcement builds on the payroll tax package announced by the Government in October. As part of the package announced last year, the payroll threshold increased to $950,000 from January 1, 2020, and was due to increase again to $1 million from January 1, 2021.
11,000 Western Australian businesses will benefit from the cut in payroll tax.
In addition, small and medium sized businesses affected by COVID-19 can now apply to defer payment of their 2019-20 payroll tax until July 21, 2020.
The deferral is available to employers who pay $7.5 million or less in Australian Taxable Wages and have been directly or indirectly impacted by COVID-19, compared to normal operating conditions”
PKF Perth have implemented policies consistent with Government recommendations. We have infrastructure and policies in place to enable staff to work from home if the need arises. We are open for business and here to support our valued clients.
If you have any questions please do not hesitate to contact us.