Tradies AccountantsTradies Bookkeepers

Under the standard long service leave, an employee can take long service leave after seven continuous years of service with the same employer. The construction industry has a portable long service scheme that allows workers to take long service leave after seven years in the industry. CoINVEST has administered the portable long service leave scheme in Victoria in 1976 to make sure construction workers have access to long service leave even with various employers. CoINVEST is a fund which employers pay contribution to quarterly. CoINVEST will then provide the workers their long service leave.

This is because workers in construction often change employers because of the nature of the industry. Without this scheme, they would be disadvantaged compared to workers in other industries.

Construction accounting

Are you covered by CoINVEST? If you are an employer in the construction industry in VIC, carrying out electrical trades, construction, landscape gardening, metal trades, floor covering work or shopfitting, you are likely required to make quarterly CoINVEST contributions for your employees. It covers employees, working directors, apprentices and some independent contractors. You just need to register your apprentices, not pay contributions for them.

If you have employees who perform work covered by the portable long service scheme for more than five days per month in Victoria, you have to report it to CoINVEST and make contributions. Every quarter, employers must complete a form that records the days their employees worked and how much they were paid in that quarter. CoINVEST will issue an invoice, which is not to be deducted from the workers’ salaries. It’s like superannuation.

Once workers complete seven years of service in the construction industry, they can claim long service leave and CoINVEST will pay them 9.1 weeks. After it, workers will receive an extra 1.3 weeks of leave for every additional year.

Contact your tradies accountant if you have not registered with CoINVEST. If you come through Master Builders Victoria, CoINVEST will waive your statutory interest charges, if any. It can amount to tens of thousands of dollars. You must back-pay owed contributions and choose the best payment plan for you.

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