Hiring new staff? There could be money in it for you
13 September 2016
If you are a small or medium sized business based in South Australia, and have recently hired a new employee or are planning to take on new staff, your business can take advantage of the South Australian State Government’s new Job Accelerator Grant.
As announced in the State Budget in July, the Government is offering businesses with taxable payrolls of up to $5 million a grant of up to $10,000 over two years for every extra (full time equivalent) person employed.
This is welcome support for the state’s SME sector, though you should be aware it will be a year from the date of hiring before the first $5,000 tranche is paid to the business.
A smaller, but still useful, grant of up to $4,000 over two years is available for small businesses and start-ups not currently liable for payroll tax (that is, they are exempt or have wages below $600,000).
It is important to note that you only have 90 days to register a new employee for the scheme, so the best course of action is to act immediately and register each person as soon as they commence. If your business hired someone when the grant scheme kicked off, on 1 July, you only have a few weeks left to act.
New staff can be casual, part-time or fulltime, and they have to be employed for at least a year – which is when your business will receive payment. The grant is paid on the first and second anniversary of the employee’s start date.
The Jobs Accelerator Grant will be offered to any new employees hired between 1 July 2016 and 30 June 2018 by eligible businesses. To apply, or for more information about the scheme, you can visit www.revenusa.sa.gov.au/jobs or call (08) 8226 2210.
You can also speak with your BDO adviser about this, or any other business related issue you’d like to discuss.
BDO would also like to take this opportunity to thank everyone who participated in the BDO SA State Business Survey; we had an overwhelming response rate. We are currently analysing the responses with the results to be announced at an event on the 13th October 2016. If you would like more details about the event please contact Anna Storen, email@example.com.