Big Cost Savings For Local Small Businesses

Parliamentary Secretary for the Illawarra and South Coast Gareth Ward MP has today announced that local small businesses across our region will save thousands of dollars under a NSW Liberals & Nationals Government, with the introduction of a raft of cost saving measures including cheaper insurance premiums, payroll tax cuts and access to the Energy Switch program.

Mr Ward has welcomed the NSW Liberals & Nationals business booster package.

“Local small businesses are the backbone of our community, helping drive jobs growth and new opportunities for people across the Illawarra and South Coast,” he said.

“This is great news for local businesses. The NSW Liberals & Nationals Government has introduced a number of measures to help local businesses thrive and grow,” Mr Ward said. 

Key measures to assist businesses under the NSW Liberals & Nationals include:

• $300 million in workers compensation insurance premium discounts over three years for 280,000 employers, delivering an average discount of 8 per cent, and maximum of 12.5 per cent, for employers with the safest workplaces.
• Ensuring 760,000 small business can utilise the NSW Government’s popular Energy Switch program and potentially save thousands off their bill.
• Continuing to slash payroll tax brackets progressively up to $1 million in 2021/22, with up to 38,000 businesses saving up to $8175 off their tax bill.
• Giving small businesses and tradies a head start in procurement by requiring NSW Government agencies to consider small business suppliers for everything they buy.
• Continuing to cut red tape and enhance the “Easy to do Business” program through work being undertaken by the NSW Productivity Commissioner.

The workers compensation premium discount rewards employers for making their workplace safer. Savings will vary from employer to employer depending on size, industry and safety record.

As an example, a medium sized employer in the childcare industry with a fair safety record and an Average Performance Premium (APP) of $50,000 would receive a discount of $1250 each year for the next three years.