30 March New Tax Breaks for Civil Contractors Investing in Skills & Training March 30, 2022By ICI Administrator Business & Operational Skills, General, People Management Civil Contractors, employers, business, online training, small business, tax break, tax deduction, Training and skills 0 The recently released Federal budget has seen the Government provide tax incentives to businesses that invest in Training and Skills. Described as a temporary tax break, organisations will be able to claim 120% of the training costs provided to their employees. “Starting tonight, for every hundred dollars small business spends on training their employees, they will get a $120 tax deduction, helping them become more productive and competitive,” Treasurer Josh Frydenberg said during the budget delivery on 29th March. “This is a positive step forward in helping Civil Contractors take action to solve our underlying skills shortage,” said Lee Gabbett, General Manager of ICI Australia “This training incentive allows contractors to proactively manage their staff, address skills gaps and build a productive work culture”. Aimed at small to medium businesses, the eligibility criteria to take advantage of this tax break includes: - Turnover of less than 50 million - Training is provided by an external party registered in Australia (Online training is included) The tax incentive is valid until 30th June 2024 and the investment amount will be capped. ICI Australia recommends discussion with your tax and financial advisors to determine if your organisation qualifies. For further reading – download the budget documents https://budget.gov.au/2022-23/content/bp2/download/bp2_2022-23.pdf To stay up to date with training, education and incentives specifically for the Civil Industry, follow our linkedin page Related Posts $450 billion in civil projects up for grabs, but the workforce must almost double to fill the skills shortage As the recent data from Infrastructure Partnerships Australia (IPA) and Deloitte into Australia’s public infrastructure pipeline highlights, civil contractors continue to face major skills shortages and capacity issues in meeting the record demand for infrastructure projects. Civil Construction Project Management – Tips for Success Civil construction project management is a combination of cost, time, quality and risk management that enables cost-effective completion of projects within their constraints and to the agreed quality outcomes 91% of employers are experiencing a skills shortage Outlined in a recent Infrastructure Partnership Australia Pipeline report is evidence of a ‘once in a generation’ pipeline of civil works. The report identifies the pipeline in our region as having a value of 713.9 billion dollars, representing significant growth opportunities for our industry; as these projects come online. Current Challenges of the Vocational Education and Training sector in Australia The National Centre for Vocational Education Research (NCVER) which publishes Australian vocational education and training statistics, recently completed research into employers’ use and views of the Vocational Education and Training System. An Extraordinary Opportunity Now Available to the Tasmanian Civil Industry Civil Contractors in Tasmania can now access courses from the Institute of Civil Infrastructure (ICI) courses using Keystone Tasmania funding. The Institute of Civil Infrastructure announces new CEO The Institute of Civil Infrastructure (ICI Australia) today announced the appointment of Lee Gabbett as its new Chief Executive Officer, taking over from David Castledine. Comment (0) Comments are closed.