Welcome to our ReveNews, November 2021 edition
ReveNews - November 2021 Edition from Revenue NSW on Vimeo.
This video supports captioning which you can toggle on and off as needed, and it has also been developed with chapters option. This is located in the menu on the bottom right-hand side of the screen. Feel free to use this option to go to the topics that are relevant to you. Alternatively, you can watch the video in full – the choice is yours.
A quick disclaimer before we begin.
The information provided in the video is of a general nature as of the 22nd November 2021. If you have any specific queries, we welcome you to contact our office or seek independent professional advice.
The areas that we will cover in this edition of ReveNews will include:
- updating you on the Commercial Landlord Hardship Fund
- details on the land tax thresholds for the 2022 tax year
- Electric vehicles and the rebates and stamp duty refunds available for them
- Payroll Tax Amendment (Payroll Tax Waiver) Act 2021
And lastly, we will provide some insights into the Revenue Digital team’s ‘Making money matters easier for customers’ initiative.
Commercial Landlord Hardship Fund
Landlords can now apply to the Commercial Landlord Hardship Fund for grants of up to $3,000 a month to help offset the cost of providing rental relief to tenants during the COVID-19 lockdown in NSW.
The NSW Government invites grant applications from eligible small landlords.
Eligible small landlords, are those landlords with up to $5 million in total land holdings (excluding a principal place of residence), who have experienced financial hardship from providing rental relief to retail or commercial tenants.
To be eligible for a Commercial Landlord Hardship Fund grant, applicants must be the landlord with a currently impacted lease and have entered into an agreement to provide rental relief to tenants from 13 July 2021.
They must also have gross rental income as their primary source of income (gross rental income being more than 50% of total gross income) for the 2019-20 or 2020-21 financial year.
The grant will equal the amount waived each month from August 2021, to a maximum of $3,000 per month, for each eligible property.
Landlords who have claimed land tax relief for 2021 are ineligible for Commercial Landlord Hardship Fund grants.
The Commercial Landlord Hardship Fund will close when funds are exhausted or at a future date to be announced by the government.
2022 Land tax thresholds
The 2022 Land tax thresholds have now been released.
The 2022 thresholds are determined by Section 62TBA(2) of the Land Tax Management Act 1956. Thisstates that the land tax threshold for the 2022 land tax year is to be the average of the indexed amounts of $822,000 or the $755,000 tax threshold for the 2021 land tax year, whichever is greater.
As such, pursuant to Section 62TBA(7)(c) of the Land Tax Management Act 1956 the amount of $822,000 has been determined as the land tax threshold for the 2022 land tax year.
The Land Tax Management Act 1956 also dictates the premium rate threshold each year.
As such, pursuant to Section 62TBC(4) of the Land Tax Management Act 1956, the amount of $5,026,000 has been determined as the premium rate threshold for the 2022 land tax year.
Revenue NSW will commence issuing the 2022 Land Tax Notice of Assessment from Wednesday 5 January 2022. If you have a tax liability for 2022 and opted-in to receive your notice directly to your email inbox, this will be sent to you from Service NSW on behalf of Revenue NSW.
Electric Vehicle Rebate and Stamp Duty Refund
Great News! The New South Wales Government is offering a $3,000 rebate for the first 25,000 new full battery electric vehicles and hydrogen fuel cell electric vehicles purchased for less than $68,750 that were registered on or after 1 September 2021.
In addition, the government is also refunding the stamp duty paid on purchases of new or used full battery electric vehicles with a dutiable value up to and including $78,000.
The eligibility criteria for the rebate and the stamp duty refund can be found on the NSW Government’s Electric Vehicle Strategy webpage. That’s www.nsw.gov.au then select - ‘initiatives’ then select either ‘NSW Government’s Electric Vehicle Strategy’ then either EV rebates or Abolish stamp duty. You will see all the information pertaining to the rebate or stamp duty refund including the application process.
To apply for the rebate or the stamp duty refund, evidence of the following is required:
- firstly, a NSW Driver’s Licence (for an individual, or for the business contact person)
- a Certificate of Registration (which shows a registration number, registration history, registered owner, vehicle use, vehicle identification number (the VIN) and the duty amount paid, and
- lastly, you will also need to supply ‘Proof of Registration Entitlement’. This should include a sales contract which notes the sales price and date of purchase.
You can access the link to apply for the Electric Vehicle Rebate or stamp duty refund either from the nsw.gov website previously mentioned or from our website – www.revenue.nsw.gov.au and search ‘Electric Vehicle Rebate’ or ‘Electric Vehicle stamp duty refund’.
For both the Electric Vehicle Rebate and Stamp Duty Refund, Revenue NSW will notify applicants within 15 business days of receiving a completed application, of their outcome.
If the application is successful, the rebate or stamp duty refund will be transferred to the nominated bank account within five days of the rebate or stamp duty refund being granted.
If the application is unsuccessful and declined, an objection can be lodged with Revenue NSW within 60 days of the date of the letter advising you of our decision.
It’s great to be able to report, that at the time of recording this video we have already received 552 electric vehicle stamp duty refund requests, 468 electric vehicle rebate requests and within a week of the initiatives being made available processed 80 payments. So, if you’re eligible, pop your applications in.
For more information on the rebate or stamp duty refund, you are welcome to contact our electric vehicle team either via email at electricvehicle@revenue.nsw.gov.au or via phone; Monday to Friday from 8:30pm to 5pm on 1300 363 806.
Payroll Tax Amendment (Payroll Tax Waiver) Act 2021
We are happy to report that the Payroll Tax Amendment (Payroll Tax Waiver) Bill 2021 has passed the NSW Legislative Assembly. The Bill received assent on Thursday 18 November 2021, so has become the Payroll Tax Amendment (Payroll Tax Waiver) Act 2021.
The Payroll Amendment (Payroll Tax Waiver) Act 2021 provides a 50% payroll tax reduction for the 2021-22 financial year to customers with an annual Australian grouped payroll of no more than $10 million that:
- qualified for the 2021 COVID-19 JobSaver Payment Scheme,
- qualified for the 2021 COVID-19 Business Grant Scheme, or
- did not apply for either scheme but are able to demonstrate a 30% decline in turnover.
Making money matters easier for customers
Revenue NSW is undergoing a customer-focused digital transformation, to help individuals and businesses more easily understand the money they owe, and how they can fulfill their NSW tax and fine obligations.
Working closely with Service NSW, the team are developing a new digital platform designed to deliver an improved customer experience, including a seamless integration with the Service NSW ‘front door’ for tax and fines customers. This new platform will create a strong foundation for ongoing digital transformation at Revenue NSW in the coming years.
Based on extensive research and in-depth 1:1 customer testing, the new platform is designed to deliver a number of key benefits to customers, including:
- Simple, timely notifications of a customer’s obligations delivered straight to their inbox.
- Easy access to consolidated NSW tax and fine information for individuals and businesses via MyServiceNSW Account.
- Pre-populated customer details on a personalised dashboard for increased speed.
- First-time accurate assessments, bringing greater efficiency.
By making things so much easier for customers, it will free up customer care staff to dedicate more time to helping those with complex tax scenarios. That means more time to help those most in need.
This is an iterative project that draws on sophisticated data and analytics and uses an agile approach. It rests on some exceptional strengths within the Revenue NSW team and their project partners within Service NSW and Customer, Delivery and Transformation.
It is anticipated that the introduction of these new customer experiences will begin in the 2022 tax cycle. Watch this space for more information.
This brings us to the end of our November edition of ReveNews. Our next edition will be released early 2022.
If you wish to seek further information relating to any of the topics we have discussed today, please call our friendly team on 02 7808 6900.
If you prefer, we also have the 1300 numbers for each of our business units which are detailed within the ‘contact us’ section of our website www.revenue.nsw.gov.au
If you would like to provide feedback or offer ideas of what you would like to see in future issues of ReveNews, please email our Education team via education@revenue.nsw.gov.au.
Thanks for joining us today. Stay safe.
