How long does a trade support loan take to be approved?
It can then take 5- 10 days to reach your bank account. (eg. If you commenced/recommenced on 6/5/20 and have been approved to receive the Trade Support Loan, then on the 6th of each month your payment will be generated. It will then reach your bank account on approximately 11th to 16th of each month).
How do I pay back a trade support loan?
How do I repay a Trade Support Loan? Your Trade Support Loan needs to be repaid through the tax system once your income reaches the repayment threshold. For the 2019-20 financial year the income threshold is $45,880. The amount that must be repaid each year is a percentage of your income.
Do apprentices get money from the government?
A Scholarship is available in NSW to provide financial assistance to eligible country NSW apprentices to support their apprenticeship training. This Scholarship pays $5,000 for each year the apprentice is completing training to a maximum of $15,000.
What is a trade support loan?
What is a Trade Support Loan? A Trade Support Loan can help you pay for your everyday living expenses while you undertake your apprenticeship or traineeship. It is an interest-free government funded loan that is paid in monthly instalments for up to six months at a time.
Is apprentice wage subsidy taxable income?
Payments will be made quarterly in arrears, with first claims for the subsidy available from 1 January 2021. Final claims for payment must be lodged by 30 June 2023. The subsidy will be taxable to the employer.
How do I repay my trade support loan?
How do I repay a Trade Support Loan? Your Trade Support Loan needs to be repaid through the tax system once your income reaches the repayment threshold. For the 2019-20 financial year the income threshold is $45,880. The amount that must be repaid each year is a percentage of your income.
What is the Aiss payment?
The new incentive payments announced in the 2019-20 Budget will be known as the Additional Identified Skills Shortage (AISS) payment. The AISS will provide an additional incentive for both employers and apprentices where the apprenticeship is in an identified skills shortage occupation.