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Federal Budget 2018 and What It Means for Your Business

May 15, 2018

What does this mean for my business?

If you fall into any of those categories, then speak with your tax professional about contacting the ATO for a refund. Get all your documentation in order and make sure you have proof of what you’re claiming.

Funding for Trainees and Apprentices

For those who are interested in taking on trainees or apprentices there is some provision under the Skilling Australia Fund Levy. Here is the link for further details:

Job opportunities for mature age Australians

The 2018­-19 Budget provides older Australians with additional support to assess their skills and adapt to the changing needs of the economy.

The Government understands the importance of working with employers to ensure they understand the benefits of recruiting and retaining mature age people.

Older Australians will be supported by the Government’s More Choices for a Longer Life package, with an investment of $189.7 million on a range of jobs and skills measures such as:

  • Increasing the number of mature age Australians in the workforce through additional Restart wage subsidies ($1.1 million) and bringing forward the national rollout of the Career Transition Assistance program to 1 July 2019 ($136.4 million).
  • A Skills and Training Incentive ($19.3 million) will help mature age Australians enhance their skills and explore new career opportunities. It will be complemented by the introduction of the Skills Checkpoint for Older Workers by the Minister for Education and Training, Senator the Hon Simon Birmingham.
  • The $15.2 million Job Change initiative will support mature-age workers who are facing retrenchment by providing them with information about career options.
  • Expanding the Entrepreneurship Facilitators program to 20 additional locations to promote self-employment among older Australians ($17.7 million).
  • We will work with industry via a Collaborative Partnership to drive cultural change, combat age discrimination in workplaces and equip managers and business owners to work with an ageing workforce.
  • In addition, our $18.4 million Regional Employment Trials Program will bring local businesses and communities together to develop tailored local employment solutions in 10 disadvantaged regions.

The Minister for Jobs and Innovation, Michaelia Cash, said all Australians can benefit from the growing employment opportunities across all sectors of our strong economy.

“The 2018-19 Budget provides an opportunity for all working Australians. We are investing in our great ideas to grow existing businesses as well as create new ones, because growing these businesses create more jobs for all Australians” he said.

Federal Budget 2018 – personal income tax in the spotlight

Last week the government has introduced a seven-year personal tax plan to make personal income tax ‘lower, fairer and simpler’, which aims to stimulate consumer spending.

Federal Treasurer Scott Morrison announced that the plan will occur in three steps, beginning with targeted tax cuts for low and middle-income earners.

2018-2019 Federal Budget Checklist

  1. Make sure your accounting software is updated to the latest tax tables. The big personal tax cuts start on 1 July 2018, so get ready.
  2. Make sure your employee details are correct.
  3. Start planning for whether you intend to spend money to claim the instant asset write-off benefit in 2018–19.

For new industries falling under the mandatory taxable payments reporting scheme, make sure you are on the latest version of your software and enable taxable reporting

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