Insolvency reforms to support small business7 October 2020
Lower taxes for businesses and individuals7 October 2020
The Budget highlights the government’s commitment to getting people back in jobs and upskilling Australians.
The JobTrainer Fund which falls under the JobMaker Plan will support up to 340,700 free or low-fee training places in areas needed to help upskill and retrain job seekers and young people.
The government will provide exemptions for employer-provided retraining activities from business’ fringe benefits tax and is also consulting on updating the current rules to allow individuals to deduct training costs from their income which relates to their future employment.
The Boosting Apprenticeship Commencements Wage Subsidy will boost the number of new apprenticeships and traineeships. This will support up to 100,000 new apprentices and trainees by paying a 50 per cent wage subsidy. Businesses will receive the subsidy up to a cap of $7,000 per quarter, for commencing apprentices and trainees until 30 September 2021.
Economic security for women is also being prioritised under the Budget. Several initiatives will work to support the increase of women’s workforce participation and improvement of earning potential. They include initiatives to support women’s leadership and development and increasing opportunities for women in science, technology, engineering and mathematics (STEM), business and male-dominated industries.