The government is allowing companies with turnover up to $5 billion to offset losses against previous profits on which tax has been paid, to generate a refund.

Loss carry-back will be available to around 1 million companies that employ up to 8.8 million workers, according to Tuesday’s budget.

The NSW government announced today that regional, small and medium-sized businesses will be prioritised for all direct procurements up to $250,000.

Deputy Premier and Minister for Regional NSW John Barilaro explained that the Small and Medium Enterprise (SME) and Regional Procurement Policy provides a much needed boost for businesses impacted by droughts, bushfires and COVID-19.