NSW salon owners may have been holding their breath in anticipation of just what the NSW budget would mean for them, and Premier Gladys Berejiklian didn’t disappoint. Here’s a rundown of what salon owners can expect.
$39.3 million small business program
The Business Connect program aims to revive small businesses – including salons – throughout the state.
The funds include the previous $9.8 million announced in April, and will ensure the program can run for four years, instead of one.
Payroll tax relief
The payroll tax threshold will increase to $1.2 million, creating what NSW Treasurer Dominic Perrottet said the opportunity to “further support jobs”.
There will also be a temporary two-year reduction in the payroll tax rate from 5.45% to 4.85% from July 2020 to June 2022.
The higher threshold and reduced rate follow NSW Premier Gladys Berejiklian’s decision to have a four-year payroll tax-free period for businesses that create at least 30 new net jobs.
Funds for salons in regional areas
Regional NSW will receive $300 million over the next two years, in a bid to support business in areas that have been ravaged by bushfires, isolation and extended lockdowns due to the pandemic. Mr Perrottet said the Regional Growth Fund will create “opportunities, investments and jobs.”
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