NSW budget: We highlight what it means for small business

Support for women in business

The NSW government is committing $15 million over the next four years to support women in small businesses with an emphasis on boosting skills, workforce participation and educational opportunities.

The funding will help women who want to own and run small businesses to access free TAFE courses and professional advice.

A number of programs will be invested in over the next four years including:

• $3.5 million to provide fee-free TAFE NSW women in Business courses
• $2 million in grants to industry associations and chambers of commerce to run professional networking programs for women in small businesses
• $5 million to expand the Business Connect program to provide dedicated services to women-led small businesses
• $4.5 million for the Service NSW for Business program to provide targeted support for women-led small businesses

Women led start-ups

• establishment of a $10 million venture capital fund (‘Carla Zampatti Fund’) to invest in early-stage women-led start-ups.

Women in construction

• $15.2 million over three years to contribute to a whole of government Women in Construction strategy to achieve a goal of women making up 15 per cent of employees in the construction industry by 2030.

Payroll tax

• The pandemic payroll tax cuts are to be discontinued from 1 July, 2022, with the rate returning to 5.45%.

Support for families with children (through childcare)

• $5.8 billion over 10 years to introduce universal pre-kindergarten for all children in NSW by 2030
• $1.4 billion over four years in preschool fee relief
• $37.9 million package to support before and after school care for families with no services nearby  

Stamp duty reform

• $729m set aside over four years to allow first home buyers purchasing property worth up to $1.5m to opt for an annual property tax, instead of up front stamp duty. The property will not be locked into the scheme if sold, with the annual tax will be $400 plus 0.3% of the land value. Legislation will be introduced later this year, with eligible home buyers to opt in from 16 January 2023.
• Shared equity scheme: $780 million over two years to assist key workers,  singles over 50 years of age and single parents with a child or children under 18 years old into the property market. The Government will take a maximum equity contribution of 40 per cent for a new home and 30 per cent for an established home. Participants must have a maximum gross income of $90,000 for singles or $120,000 for couples, and a minimum deposit of 2 per cent of the purchase price. The maximum value of the property that can be purchased under the scheme is $950,000 in Sydney and regional centres including the Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast of NSW, and $600,000 in other parts of NSW.
• Regional housing: $174 million for 271 new homes for key workers

Training

• $82.7 million over four years to deliver an extra 70,000 fee-free training spots. This investment will deliver new apprentices, trainees and full qualifications to help people get skilled for in demand jobs such as builders, hairdressers, carpenters, chefs, electricians and in the critical early childhood, aged care and disability care sectors.

Cost of living relief

• Toll relief: $520 million in new toll relief over two years (maximum annual benefit of $750 per customer). Small businesses are eligible. 
• Energy bill relief: $128 million Energy Bill Buster program that allows eligible households to receive an upfront lump sum contribution towards a solar system or home appliance upgrade. Small businesses are not currently eligible. 

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If you need any help or advice with the financial aspects of running your business, please contact us today. We’ll be glad to help.

Date published 25 Jun 2022