The New Enterprise Incentive Scheme (NEIS) is a Commonwealth Government fully funded scheme that helps eligible unemployed people establish a new business and exit the Centrelink system.
What NEIS provides
If eligible, you will be given a free 8 week full-time small business management training course and helped to develop a business plan. The business plan needs to be approved before you can commence NEIS allowance. NEIS cannot provide you with any start-up funds in the form of loans or grants, but your business plan will assist you if you need to obtain finance from banks or credit unions.
After completing the training program, you may be awarded the 12 months income support so you can operate your business venture full-time and meet all the terms of your NEIS participant agreement. The fortnightly allowance is equivalent to the current adult single Newstart Allowance rate.
The allowance will not be reduced if you are obtaining and drawing on your business income. However, if any external income exceeds the quarterly NEIS allowance External Income test, then your allowance may be suspended. At the end of the financial year, your NEIS allowance is assessable income that must be declared in your tax return.
You will also receive regular business advice and mentor support while your business is being established in the first year to ensure the business has long-term success.
Who is eligible
Places for NEIS are limited and meeting eligibility criteria alone does not guarantee you inclusion into the program. To be eligible for NEIS, you will need to meet the following criteria:
You must:
- Be over 18 years of age
- Be registered as unemployed with Centrelink
- Be receiving a qualifying income support payment
- Not be an undischarged bankrupt
- Not have received NEIS assistance in the previous 2 year.
Your Business must:
- Not have operated on a commercial basis before
- Be independent, lawful and reputable
- Not directly compete with an existing business unless you can demonstrate an unsatisfied demand for your product/service
- Not involve the purchase or take-over of an existing business
Note: there is no qualifying time period.
How to apply
For further information on NEIS, please contact the NEIS hotline on 1800 440 455, or go to http://www.workplace.gov.au/workplace/Programmes/NEIS/. Alternatively, you can visit our offices at either Chisholm Institute campus below:
Frankston — Business Centre, Building W, 1st Floor, Fletcher Road, Frankston
Dandenong — Building A, Level 3, 121 Stud Road.
You will need to request a NEIS info pack to be sent out to you. This pack includes all the criteria for applying as well as an application form that needs to be completed and returned to our office for consideration.
Free information sessions are held on a regular basis. You can also collect a NEIS application at the information session
