Last week, as part of the Federal Budget, the Australian Government announced its $74 billion JobMaker Plan, designed to support a stronger economic recovery and bring more Australians back to work.
In essence, the JobMaker Plan is made up of 6 key elements:
- Lowering taxes to businesses and individuals that will lead to
- the creation of an estimated 100,000 jobs by the end of 2021-22
- a reduction in personal income taxes meaning individuals will have more money back in their pockets and
- assistance in business cash flow through an increase to the instant asset write-off threshold.
- Infrastructure – an additional $14 billion in new and accelerated infrastructure projects over the next four years.
- Supporting Australians back to work, through:
- The $4billion JobMaker Hiring Credit available to employers for each new job they create over the next 12 months from October 7 2020. Employers will receive the following incentives:
- $200/week for an eligible JobSeeker aged 16-29
- $100/week for an eligible JobSeeker aged 30-35
- The $4billion JobMaker Hiring Credit available to employers for each new job they create over the next 12 months from October 7 2020. Employers will receive the following incentives:
- An investment in the Boosting Apprenticeships Wage Subsidy to support up to 100,00 new apprentices and trainees
- Supporting the delivery of 50,000 higher education short courses in areas including teaching, health, information technology, science and agriculture. As well as the delivery of up to 30,000 additional University places in 2021, opening up opportunities for more Australians to be degree qualified
- The $1 billion JobTrainer Fund will help Australians access new skills through retraining and upskilling
- A new digital platform to make finding a job and getting back into work easier.
- Supporting Australian Industries through the Modern Manufacturing Strategy, designed to support a more competitive, productive and resilient manufacturing sector.
- Energy efficiencies through new energy technologies to a). reduce emissions and b). ensure access to reliable affordable energy for both households and businesses.
- Making it easier to invest and create jobs without unnecessary red tape.
So what does the JobMaker Plan mean for you?
The answer really depends on your current situation and where you plan to be in the future. To discuss the JobMaker Plan and how it might affect your business, please contact our team of Accountants and Solicitors at Greenhalgh Pickard on 5444 1022.