Do you work in the Building and Construction Industry?

As seen in Woopi News March 2022

The NSW Long Service Corporation administers the scheme which provides portable long service benefits to eligible workers in the building and construction industry. The allows eligible workers to accrue leave while working for different employers or as contractors working on an ABN. The long service leave benefit is funded by a levy charged on building and construction works in NSW.  The levy is collected by the corporation and invested until required to fund long service payments.

If you are an employee, your employer is required to be registered and record your service each year.  If you are self employed you are responsible for ensuring the lodgements are kept up to date.  Your accountant can assist with lodging your annual certificate of service each year after they have prepared your Tax Return.  If you are self employed and not registered with the NSW Long Service Corporation, you can backdate your registration for up to two years.

When you have accrued 10 Years of service, you have three choices:

  1. If the service was accrued working for a single employer, you can take up to two months leave paid by your employer. The employer can then claim the service credits.
  2. If you have had a multiple employers in the industry or periods of self employed and employee work you may be able to claim two months paid leave from the corporation as a lump sum and choose to keep working or take the time off.
  3. You may choose to not take the leave now and keep accruing it to use later.

After the first ten years of long service leave is taken, you continue to accrue leave and can take another payment after accruing an additional five years of service.

You can check your accrued years of service at longservice.nsw.gov.au

Latest Blog Posts

Superannuation Guarantee Is Rising

Superannuation Guarantee Is Rising

From 1 July 2022 the superannuation guarantee (SG) rate will increase from 10% percent to 10.5%.  The rate will also increase a further half a percent each year until it reaches 12% in 2025.

photo of stasha dunn principal staysharp accounting

Stasha Dunn - StaySharp Accounting
Liability Limited by a scheme approved under Professional Standards Legislation”


5/66 River St, Woolgoolga
NSW 2456
Australia

Contact Us

For all your individual tax return, bookkeeping, business tax or SMSF needs, contact StaySharp Accounting.

Address

5/66 River Street, Woolgoolga NSW Australia

Opening Hours

Monday to Friday: 9:30am-5:00pm
Saturday: By appointment

assist@staysharpaccounting.com.au

Institute of Public Accountants logo
National Tax and Accountants Association logo
Registered Tax Agent 25954211

Liability limited by a scheme approved under Professional Standards Legislation