Yates Baker McLean. Accountants and Business Advisors situated in the Central West of NSW. Offering comprehensive advice for all your financial needs including tax, auditing, business advisory, self managed super funds, specialised industry experience and financial planning.
On March 12, 2020, the Federal Government announced an economic stimulus package for businesses and individuals in response to Coronavirus COVID-19. A wage subsidy has been introduced to support small businesses (less than 20 employees) to retain their apprentices and trainees. Eligible small businesses can receive a wage subsidy of 50 per cent of the apprentice’s or trainee’s wages paid during the 9 months from 1 January 2020 to 30 September 2020.
To be eligible for the subsidy, businesses need to meet the following criteria:
- employ less than 20 full-time employees;
- host at least one apprentice or trainee and;
- the apprentice or trainee must have had a training contract as at 1 March 2020.
Eligible small businesses will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter between 1 January 2020 to 30 September 2020).
Subsidies will be available from early April 2020.
To apply for this rebate you need to contact your Apprenticeship Network Provider as soon as possible. If you do not have the details of your Apprenticeship Network Provider please contact Apprenticeship support Australia on 1300 363 831.
YBM will provide further updates via our social media and by email as new information comes to hand.