What does the new Federal Budget mean for your business?
The Australian Government released their 2021-2022 Budget this week. We've collected some key information that may affect your hospitality business, to save you some reading time.
This Budget includes investments aimed to assist in the recovery of the Hospitality & Tourism industry, such as...
- Extension of the Boosting Apprenticeship Commencements (BAC) wage subsidy for a further 6 months to support new apprentices and trainees who start by 31 March 2022.
- Expansion of the JobTrainer Fund with a further 163,000 training places in areas of skills need. These include;
- Certificate II in Hospitality SIT20316
- Certificate III in Hospitality SIT30616
- Certificate II in Baking FBP20217
- Certificate II in Kitchen Operations SIT20416
- Increase in current wage subsidies available to all businesses through jobactive, Transition to Work and ParentsNext to $10,000 from 1 July 2021.
- Removal of the 40 hour per fortnight limit for student visa holders employed in the tourism and hospitality sectors.
- Expansion of the COVID-19 pandemic event visa to include tourism and hospitality. The visa is open to workers in critical sectors and allows visa holders to work in Australia for 12 months.
- A further $8 million in funding to the ‘Go Local’ campaign.
- All employees are set to receive superannuation payments with the removal of the minimum income threshold. This change is likely to take place by July 1, 2022.
- Brewers and distillers will get full remission of any excise they pay, up to $350,000 for each financial year.
- $12.7 million has been allocated to support small businesses to make use of digital technologies (like Bopple!)
These investments will hopefully assist some of the businesses who are currently struggling with staffing levels and aid financial recovery due to the effects of the pandemic.
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