Bookkeeping Firm: New Incentives for Employers and Apprentices Take Effect
Several new incentive payments for employers and apprentices, which were announced in the Budget during the federal election campaign, take effect this month. Talk to your accounting and bookkeeping firm to find out how you can take advantage of this.
Incentives for businesses and apprentices
The Government is creating additional apprenticeship incentive payments to boost the existing incentives for areas of identified skills needs to support up to 80,000 new apprentices over five years. A couple of these initiatives have started this month, such as support for employers in regional areas who face skills shortages. The program will add an additional 1,600 apprentices through a wage subsidy of 75% of the apprentice award wage in the first year, 50% in the second and 25% in the third. Find out if you can benefit from this from your accounting and bookkeeping firm.
Through the Additional Identified Skills Shortage (AISS) payment eligible apprentices will receive $1,000 after 12 months and $1,000 after completion. Eligible employers will receive $2,000 after 12 months and again after completion.
Over the next four years the Government will establish 10 training hubs across Australia that will support industry pathways in areas of local skills shortages that complement the completion of secondary education and aims to target youth unemployment in regional areas.
For employers to receive the expanded Support for Adult Australian Apprentices incentive the eligible Australian Apprentice will be aged 21 years or older (previously 25 years).
Accounting Firm and Bookkeeping Firm
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
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