Government incentive to foreign businesses to set up in NSW

The NSW Government announced on 5 November 2020 that it has budgeted A$250m over eighteen months from 15 December 2020 to attract local and foreign businesses to establish or expand operations in NSW, with the aim of creating 25,000 new jobs.

The Jobs Plus Program is available to businesses who create at least 30 net new jobs in NSW. The main element is payroll tax relief for up to four years. (Payroll tax is payable at 5.45% of wages when annual wages exceed A$1.2m.) Other elements include assistance with training, enabling infrastructure, access to space & accommodation, access to a jobs’ concierge service and assistance with site selection.

The Business Council of Australia’s CEO, Jennifer Westacott, said it made NSW the “best place to do business in Australia”.

This incentive is hoped to attract world-class multinational businesses to NSW to take advantage of Australia’s market of 25 million people and our proximity to Asian and Pacific island nations. Australia is now largely covid-free and internal State borders are likely to all be removed by Christmas 2020.

This program is one of a number of programs included in the NSW State budget, which also includes a record A$107bn spend on infrastructure, a jobs and training blitz, a cut in red tape to make it easier to start and run businesses and reforms to planning, education and digital engagement.

Global Alliance Partners, also based in NSW, can assist your business to take advantage of the Jobs Plus Program and other initiatives in the NSW Budget.