Jan 1, 2016 - New Small Business Grant. Home Buyer Benefits ... more of the NSW Government's home ... $15 000* grant ava
w o h s d a o R e t OSR Sta
New Small Business Grant Home Buyer Benefits Land Tax Payroll Tax Unclaimed Money
The Office of State Revenue (OSR) is hitting the road between 23 November and 15 December 2015 across New South Wales (NSW) providing free information sessions. The information sessions provide an opportunity to learn about OSR’s services and earn attendees Continuous Professional Development units. The seminars will cover: Home Buyer Benefits Home buyers may be entitled to one or more of the NSW Government’s home buyer grants or concessions. OSR administers:
First Home Owner Grant (New Home) $15 000* grant available to first home buyers that are buying or building a new home that is their first home. The value of the new home purchased must not exceed $750 000
*The grant will reduce to $10,000 on 1 January 2016. First Home – New Home up to $20 240 duty exemption on new homes valued up to $550 000 and vacant land valued up to $350 000. First Home – New Home provides a duty concession on new homes valued between $550 000 and $650 000, and vacant land valued between $350 000 and $450 000.
New Home Grant $5000 grant towards the purchase of new homes, homes off-the-plan and vacant land on which a new home will be built. The value of the new home must not exceed $650 000 and the value of vacant land must not exceed $450 000.
Payroll Tax
New Small Business Grant
An individual employer or a group of related businesses may be liable for payroll tax if the total liable wages throughout Australia, including NSW, exceeds the payroll tax threshold ($750 000). Liable businesses must register with OSR within seven days after the month their total Australian wages exceed the threshold. OSR provides an online monthly calculator to make it easy for businesses to meet their obligations and lodge payments.
Land Tax
The Small Business Grant provides eligible businesses with a $2000 grant for each new full-time worker they employ, and a pro-rated grant for new part-time and casual workers. The grant is designed to encourage the nearly 650 000 small businesses in NSW that do not pay payroll tax to hire new employees and expand their business.
Unclaimed Money
Land tax is applied to the value of any property owned or jointly owned that is above the land tax threshold ($482 000 for 2016) as at midnight on 31 December. Land tax is not applied to a principal place of residence. Liable land may include, vacant land, land where a house, residential unit or flat has been built, a holiday home, an investment property, commercial properties and land leased from state or local government. The value of the property will generally be the average of the land value for the current tax year and the land values of the previous two years.
OSR holds money that has been held in a NSW account which has been inactive for at least six years. Unclaimed money includes dividends, principal and interest, royalties, commissions, bonds, NSW Public Sector Superannuation, proceeds of sale, refunds and overpayments, and trust account funds. OSR provides an online search service to re-unite the rightful owners with their money. For more information and a full list of roadshow sessions, visit www.osr.nsw.gov.au
www.osr.nsw.gov.au nswosr Office of State Revenue: ISO 9001 – Quality Certified | Department of Finance, Services & Innovation
(02) 9689 6200
November 2015
