Home featured Source: Canva Featured News Small Business Featured What the 2020-21 NSW Budget means for businesses Ellie Dudley November 17, 2020 The NSW Government today unveiled the 2020-21 landmark budget for the state, to enable a “strong recovery” out of the coronavirus recession. In an address presented by NSW Treasurer Dominic Perrottet at Parliament House in Sydney, the Treasurer said: “This Budget continues to support the industries that have made our regions so successful for so many years, and invests to create more opportunities to take our local produce to the world like never before.” The budget announcement revealed a record $16 billion deficit for the state. NSW’s debt will peak at $104 billion in 2023/2024, and the budget will not return to surplus until the following financial year. NSW has not had a budget deficit for almost 10 years. The roadmap relies heavily on rebuilding regional NSW, in response to the economic effects of COVID-19, the 2019/20 bushfires and the drought. However, the Treasurer also revealed programs to assist small businesses, with the intention of creating more jobs and boosting the state’s economy. Payroll tax relief Mr Perottet announced the government will take last year’s Payroll Tax relief to a new level, increasing the threshold from $1 million to $1.2 million and the rate will be reduced to the lowest in Australia from 5.45 per cent 4.85 per cent. The Treasurer said the cut is to “further support jobs” across thousands of NSW businesses. The $39.3 million small