What grants are available for hiring new staff?

By May 10, 2018 Funding, Staff

ABOUT GRANTS FOR HIRING NEW STAFF

There are quite a few different schemes out there designed to encourage business owners to hire more people and we’re going to take a look at two cash back schemes that are simple to access, yet not widely known.

Small Business Grant

The first scheme is aimed at small businesses looking to increase their head count, which means businesses that are paying less than $750,000 a year in wages and therefore falling under the NSW Payroll Tax threshold.

In order to be eligible for the grant you’ll need to satisfy the following requirements:

  1. You have a business and are not registered for Payroll Tax
  2. Your business creates a new job and hires someone to fill the role
  3. The new job increases your overall FTE (full-time equivalent) number
  4. The new job is performed wholly or mostly in NSW

If you can satisfy those requirements you’re looking at up to $2,000 on the first anniversary of the job creation date. You can register for the Grant here and you’ll need to do that within 60 days of the first anniversary date otherwise you’ll risk missing out on the grant. 

Jobs Action Plan

The second scheme is designed for larger businesses and is effectively a Payroll Tax rebate. The requirements to get into the scheme are broadly as follows:

  1. Your business is registered for Payroll Tax in NSW
  2. Your business employees no more than 50 FTE (full-time equivalent) staff
  3. You create a new job which increases your overall FTE number
  4. The new job is performed wholly or mostly in NSW

If you can tick those boxes you’re entitled to $2,000 on the first anniversary of the job being created and another $4,000 on the second anniversary. Not bad! You’ll need to register with the OSR here and do so within 90 days of the new role commencing otherwise you’re unlikely to be eligible for the rebate. So don’t delay!

If you have any questions about this you can find out more here for the Jobs Action Plan and here for the Small Business Grant. Alternatively, why not get in touch with one of our experienced small business advisers? We’d love to help.