BIAV MEMBERS AND THE FEDERAL BUDGET

BIAV members will be interested in this week’s Federal Government's Budget 20/21 and whether it serves to help them in these challenging times.

A few things to consider -

JobMaker
The JobMaker Hiring Credit will be available to employers for each new job they create over the next 12 months from 7 October 2020 for which they hire an eligible young job seeker aged 16 to 35 years old. For each eligible employee, employers will receive for a period up to 12 months: $200 a week if they hire an eligible young person aged 16 to 29 years; or $100 a week if they hire an eligible young person aged 30 to 35 years. More Info
 
Apprentice Subsidy
Also in the JobMaker area is a 50 percent subsidy for businesses employing apprentices and trainees. Businesses will receive the 50 percent wage subsidy, up to a cap of $7,000 per quarter, for commencing apprentices and trainees, including those employed by Group Training Organisations, until 30 September 2021. More Info
 
Loss Carry-Back Program Scheme
The government has introduced loss-carry back provisions which mean businesses can claim refunds for tax paid on pre-COVID-19 profits. Sounds like current losses can be off-set by tax previously paid. Might be very handy and we are eager to see which business types are eligible, other than retail, that were specifically named.
 
Tax Relief and General
Let's hope that the tax cuts for working Australians enable them to lock in that new boat, boating holiday, or new equipment. Be ready!