JH Market has compiled the key takeaways that may affect our tradies, business owners and their families with the recent federal government budget announcement for 2022-2023. This will also include current initiatives that you may find useful. All info about grants for tradies acts as a guide only. 

Government Grants for Small Businesses 2022

Lower Taxes 

The 2022 federal budget announcement means lower taxes for small businesses, which can help your business update operations, hire an extra worker and introduce new technologies. 

Small businesses can expect a $120 tax deduction per $100 spent on:

1. Training employees
2. Digital technologies, eg. computing, cyber security, e-invoicing (up to $100,000 per year)

Companies with an annual turnover of less than 5 billion dollars can offset losses against previously taxed profits in order to generate a refund. This will be in place until the end of the 2022-2023 financial year. 

Small businesses will also benefit from the 2022 government budget announcement as they can receive instant asset tax write offs if their total income or annual turnover is less than 5 billion dollars. This will be in place until the 30th of June, 2023. 

New procurement rules mean small contractors and subcontractors are able to tender for work on government contracts. 

The federal budget announcement 2022 has allowed for more small businesses to have expanded access to tax concessions by raising the annual turnover threshold from 10 to 50 million dollars. 

Find out more info on lower taxes for small businesses 2022 here.

New Business Owners

The Australian Government is providing allowances to support Australians starting their own businesses for up to 39 weeks. To be eligible to apply for this new business owners grant, you must:

- Be over 18 years old
- Have an Australian work permit 
- Be prepared to take NEIS training (if required) and have participated in NEIS training in the past year 
- Not be an overseas student or tourist 
- Not be bankrupt
- Not be a part of any accredited training programs
- Not undergoing coaching / mentoring for any small businesses

Find out more info on new businesses grants 2022 here.

Government Grants for Apprenticeships 2022

From the 2022 budget announcement comes a 3.7 billion dollar investment to improve skills at a national level. This includes:

- 800,000 new training places
- 2.8 billion dollars towards increasing apprenticeships sign-ups and completion rates
- $5,000 for new apprentices
- Up to $15,000 support for employers of new apprentices by subsidising wages
- Creating and upgrading programs to help disadvantaged youth, Indigenous Australians, mature aged people, women and Australians with a disability find employment
- 365.3 million dollars towards the Boosting Apprenticeship Commencement program to have 35,000 apprentices and trainees begin employment
- Training and support for apprentices to transition from BAC to CAC

These initiatives that come from the 2022 federal budget can help with the shortages in the trades sector by boosting the uptake of apprenticeships and encouraging businesses to employ apprentices from all demographics. This will also build a strong pipeline of apprentices that will result in a highly skilled and more productive workforce in Australia, allowing businesses to thrive. 

Find out more info on apprenticeship grants 2022 on NECA here and on an Australian Government’s site here.

Government Grants for Cost of Living Relief 2022

As part of the budget announcement 2022-2023, the Australian Government has included cost of living relief to help Australians, especially for those who have suffered due to Covid-19.

The cost of living relief 2022 includes: 

- Fuel excise halved to 22.1 cents per litre for six months
- Once-off $420 cost of living tax offset for low and middle income Australians
- Australians already receiving a low and middle income tax offset can receive up to $1,500 for singles and $3,000 for couples from the 1st of July. 

Find out more info on cost of living help 2022 here.

Are you going to apply for any grants this financial year? Let us know in the comments.