This is in addition to the forthcoming payroll tax it will resume paying on a monthly basis from 2020.

As part of the effort to keep the Port Kembla steelworks open, the NSW government agreed to allow BlueScope to defer up to $60 million in payroll tax over the next three years, finishing on December 31, 2018.

However, this is not a gift or a concession  – the steelmaker will have to pay back that $60 million.

According to the Payroll Tax Deferral (BlueScope Steel) bill, in the first year, BlueScope can defer up to $25 million; up to $20 million in the second year and up to $15 million in 2018, Treasurer Gladys Berejiklian told parliament.

“For each of the above calendar years, when payroll tax liability exceeds the applicable threshold,  BlueScope will be required to make monthly payroll tax payments,” Ms Berejiklian said.

“From 1 December, 2018, BlueScope will be required to pay its payroll tax liability on a normal monthly basis.”

BlueScope will still be required to lodge monthly payroll tax returns during the life of the agreement with the government.

The repayment of the deferred $60 million will start in 2020.

BlueScope will have until 2030 to pay back the full amount to the government.

In the event of the closure of Port Kembla before 2030, BlueScope will have to pay the complete outstanding amount over two years.

In Parliament Ms Berejiklian praised the work of “management, workers and unions” in ensuring the viability of the steelworks.

“This payroll tax deferral is the Government's contribution to that effort,” she said.

“I emphasise, as I did at the time of the announcement, that this is a one-off unique form of assistance that is designed to help Port Kembla workers move forward in the current tough global business conditions, and reflects the unique situation faced by BlueScope in the Illawarra.”