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Bob Bain

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NEIS [Nov. 17th, 2007|11:26 am]
Bob Bain
On Monday I have an appointment in Penrith regarding the NEIS (New Enterprise Initiative Scheme)

NEIS Scheme (link)...

The New Enterprise Incentive Scheme (NEIS) helps eligible unemployed people to start and run their new, viable small business.

The NEIS programme started in 1985, and is Australia's longest running and most successful employment programme. Over that time, more than 100,000 people have participated in the programme.

To ensure the success of the programme, NEIS providers carefully select participants with the right characteristics and viable business ideas. Over 80 per cent of participants indicate that they are either still operating a business, employed and/or in some form of education or training 15 months after starting their NEIS business.

NEIS provides you with training in small business management and business skills, and business plan development. Having a business plan helps when you approach banks or credit unions for finance. (Please note that NEIS does not provide start-up funds such as loans or grants.) At the end of training (up to three months) your business plan will need to be approved before you can start your business with NEIS assistance.

If your plan is approved, you will receive business advice and mentoring support during the first year of business operation.

Income support
If you are already on an eligible income support allowance, you may also be eligible to receive:

NEIS Allowance for up to 52 weeks
NEIS Rental Assistance for up to 26 weeks.
If you are eligible to receive the NEIS Allowance, the amount you receive will not be affected by income from your NEIS business, no matter how much your business earns.

You are also permitted to receive external income – that is, any income you receive from outside your business (for example, from investments or other work). However, your NEIS provider is required to ensure that your NEIS business is your primary, full-time activity. Therefore, if this external income is greater than a set threshold, it may affect the amount of your NEIS Allowance.