Make sure you get your refund from the NSW OSR
The NSW Office of State Revenue has a little known scheme to encourage businesses to fill new positions. Basically there are 2 schemes:
- If you don’t pay payroll tax (ie your annual salary bill is below the current $750,000 threshold) for each incremental position you fill in your business you can receive $2,000 after the person has been in your employment for 12 months. All you need to do is register them when they first start and keep them employed for at least 12 months.
- If you pay payroll tax the scheme is even more generous. For every new hire that increases your headcount you are legible for (after 12 months) a $2,000 rebate on your payroll tax provided that position is still filled after 12 months. If the position is still filled for another 12 months (ie 2 years in total) you get a further $3,000 rebate totalling $5,000 after 2 years. The process to register is reasonably straightforward and should be done within the first 30 days of a person starting employment. We recommend it become a part of your on-boarding process.
There are some finer details to both schemes. If you’d like more information please get in touch and we can advise further. Call me on 1300 900 741 or email firstname.lastname@example.org
Principal Wurth HR