What is the new "Tools for Your Trade" payment?
The " Tools for Your Trade" payment was announced in the 2009- 10 Budget. It combines three existing initiatives previously available to Australian Apprentices, the "Tools for Your Trade" voucher, Apprenticeship Wage top-Up and the Commonwealth Trade Learning Scholarship.
The new payment totals $3800 and will be paid directly to the Australian Apprentice over the life of their Apprenticeship training.
At what point will each of the new five payments be made?
The new payment will be delivered as five tax exempt cash payments totalling $3,800 over the life of the Australian Apprenticeship.Payments will be made as follows:
- $800 payable after 3 months.
- $800 payable after 12 months.
- $800 payable after 24 months.
- $700 payable after 36 months.
- $700 payable upon successful completion.
Part time Australian Apprentices or Australian School- based Apprentices will also receive the first payment once they have completed three months of training.
Subsequent payments will be paid after 24, 48, and 72 months and upon successful completion.
If an Australian Apprentice successfully completes their Australian Apprenticeship earlier than the proposed completion date specified on the training contract, the Australian Apprentice may be eligible to receive any remaining payments that would have been owed to them.
What is an eligible qualification for the "Tools for Your Trade" payment?
The new "Tools for Your Trade payment will be available to Australian Apprentices undertaking:
- A Certificate III or IV qualification leading to a trade occupation lsited on the National Skills Needs list ; or
- A Certificate II,III or IV agricultural qualification, and if in rural and regional AUstralia, horticulture qualification.