Can you believe we’re already past the halfway mark of 2020? What a ride’s it’s been.
Let’s hope the second half of the year doesn’t have any more surprises for us.
Let us keep you updated on all things financial and minimise the risk of any more surprises.
Job Trainer Funding
The Federal government has announced $2 billion of funding to training and upskilling people into sectors that have been identified as having skills shortages.
In partnership with the states and territories, a $1 billion Job Trainer fund will be established to allow Australians to access free or low-cost training places. This will provide for around 340,700 additional funded training places.
$1.5 billion will be made available to expand and extend the Supporting Apprentices and Trainees wages subsidy.
The details of the Job Trainer contract will be released in September. We’ll update you when we know more.
Now is the time to plan your exit strategy from dependence on these types of government payments. A financial forecast is the first step to ensuring your business adapts and survives the changes that have been forced on it. It can also help prepare your business for the next lot of government funding; Job Trainer.
Any unpaid SGC after this date will not be tax-deductible and penalties may be imposed by the ATO. In recent years the ATO’s ability to detect unpaid SGC has increased significantly due to its data matching capabilities.
We suggest employers complete a review to ensure all SGC is up to date prior to the 7th of September.
Job Keeper Update
After only two weeks of announcing that Job Keeper will be extended, the government has announced changes to the eligibility of Job Keeper for employees from October.
Our advice is to wait until closer to the date and we’ll keep you updated and engage with you when all of the details are confirmed.
If you have questions on support, planning or our other services, please contact us.
1300 724 608 or email [email protected]