Ongoing COVID incentives
March 31, 2021 at 5:27 PM
With JobKeeper ending on 28th March 2021, it is important that you are aware of other incentives currently available:
Boosting Apprenticeship Commencements
This Government wage subsidy is to encourage employers of any size or industry, Australia-wide, to take on new apprentices and trainees. Eligible employers will receive a 50% wage subsidy for up to 12 months for any apprentice or trainee (capped at $7,000 per quarter) if:
- you employ an apprentice or trainee between 5th October 2020 and 30th September 2021; and
- your apprentice or trainee is undertaking a Certificate II or higher qualification and has a training contract that is formally approved by the state training authority.
JobMaker Hiring Credit
This is an incentive for businesses to employ additional young job seekers aged 16-35 years. Eligible employers can access the JobMaker Hiring Credit for each additional eligible employee hired between 7th October 2020 and 6th October 2021. Through this scheme, employers may receive payments of up to:
- $200.00 a week – for each additional eligible employee aged 16 - 29.
- $100.00 a week – for each additional eligible employee aged 30 - 35.
Temporary Full Expensing
Businesses can immediately deduct the business portion of the cost of new and second-hand eligible plant and equipment assets. The item must first be held, and first used or installed ready for use, between 7.30pm AEDT on 6th October 2020 and 30 June 2022. This deduction can be claimed through your 2021 or 2022 tax return.
SME Recovery Loan Scheme
As part of this scheme, lenders are allowed to offer borrowers a repayment holiday of up to 24 months for unsecured or secured loans being used for a range of business purposes or refinancing existing loans for a maximum loan amount of $5 million with a term of up to 10 years. Lenders will have discretion over the loan size and loan term within the limit. This scheme is open until 30th June 2021 and is available to recipients of JobKeeper between 4th January 2021 and 28th March 2021.