Tax and finance support
Payroll tax for business
Payroll tax is a tax for employers. It is based on the amount of monthly wages paid to permanent, temporary and casual employees and certain contractors.
You will need to register for payroll tax if the monthly wages paid in your business exceeds the payroll tax if the monthly wages paid in your business exceeds the payroll tax threshold. In NSW, the monthly threshold is set at $101,918 (for a 31-day month). This is for the financial year 2022-2023.
Goods and services tax (GST) registration
Goods and services tax (GST) is a 10% tax on most goods, services and other items sold or consumed within Australia.
When businesses are registered for GST all goods and services sold within Australia are taxable unless they are GST-free or input taxed.
Business liable for GST must register with the Australian Taxation Office (ATO). The ATO is responsible for GST audits. Failure to correctly manage or record GST may result in penalties.
Grants and financial help
There is a wide variety of grants and financial assistance programs available for small businesses in NSW.
These can assist you in achieving your business goals or creating a safe place to work. However, applying for grants and financial help can be a competitive process. The purpose of this page is to assist you in determining which form of financial help is suited to you and your business.
Guiding information on grants
What is a grant: Grants are funds given out by private, public and not-for-profit organisations for a range of purposes. Grants are always for discrete, stand-alone projects with a beginning, end and clear outcomes from the project. In many instances, they are not for ongoing running costs of an organisation, such as permanent staff costs, rent and utilities simply for the organisation to do its usual work.
Preparing a grant application: When preparing a grant application, make sure you understand the grant program, check your eligibility and submit a completed application form before the application closing date. A good grant application effectively addresses the selection criteria by demonstrating your organisation’s ability to deliver services/projects that respond to issues outlined by the funding agency.
Visit Business.gov.au for a variety of grants.
Visit Grant Connect for businesses mainly in the entrepreneurial, medical, environment and community space.
Find out more about Woollahra Council grant information.
Tax deductions for small business
You can claim a deduction for most costs you incur in running your business, for example staff wages, marketing and business financial costs. For further information, you can visit the Australian Taxation Office to gather relevant information.
Tax offsets for small businesses
To be eligible for a small business income tax offset, you must be carrying on a small business as a sole trader or have a share of net small business income from a partnership or trust. Find out more information.
Business finance and loans
If you are starting or expanding your business you may need to obtain finance. Before sourcing finance, you must carefully considering the factors outlined below:
- Determine how much finance you will need
- Develop a sound business plan
- Consider the timeframe you will need to repay the loan; and
- Determine your ability to repay the loan.
It is important to understand that money or financial help from the Government is not a giveaway. If you receive a grant of financial help you must ensure that funds are spent as outlined in your application.
Managing staff – Work Health and Safety (WHS)
Work health and safety (WHS) is about ensuring the safety, health and welfare of people while they are at work. It is applicable to all businesses, employees and persons conducting a business undertaking.