|The NSW Government has released the ‘NSW Small Business Strategy 2020: Discussion Paper’ to seek public feedback to inform development of a refreshed NSW Small Business Strategy.
The 765,000 small businesses in NSW play a vital role in the NSW economy, representing 98% of NSW businesses, employing around 1.65 million people and contributing more than $355 billion in annual sales. 230,000 small businesses are located in regional NSW.
The refreshed Strategy will have five key themes:
1.Building resilient, connected and prepared businesses in NSW
2.A strong economy for small businesses to thrive
3.Making it easier for small businesses to contract with Government
4.Making it easier to do business
5.Building the capability of small business
The current Small Business Strategy was released in 2017, and the NSW Government has already delivered or significantly progressed many of the initiatives it included, including:
- -Increasing the payroll tax threshold progressively up to $1 million by 2021-22;
- -Implementing the Small and Medium Enterprise and Regional Procurement Policy to assist small businesses to be ‘procurement ready’ and win NSW Government business;
- -The ‘Making Business Easier’ program provided through Service NSW; and
- -Faster payment terms ensuring that from 1 December 2019, all registered small businesses who supply to the NSW Government and provide a correctly rendered invoice are paid within five days.
The Discussion Paper will be available on the NSW Government’s ‘Have your say’ webpage www.nsw.gov.au/improving-nsw/have-your-say/nsw-small-business-strategy-2020/ and feedback can be provided before 4 March 2020.
NSW Treasury Small Business Strategy Team
P: (02) 9228 4455