On 6 October 2020 as part of the 2020–21 Budget, the government announced a new incentive for businesses to employ additional young job seekers called the JobMaker Hiring Credit. The JobMaker Hiring Credit will be administered by the ATO.
Eligible employers will have access to a JobMaker Hiring Credit for each new job they create over the 12 months from 7 October 2020, for which they hire an eligible employee, for a maximum claim period of 12 months from their employment start date.
Employers will register with us and make claims quarterly, with claims commencing in February 2021.
This measure is subject to the passage of legislation.
The JobMaker Hiring Credit will be:
$200 per week for each eligible employee aged 16 to 29
$100 per week for each eligible employee aged 30 to 35.
An employer cannot claim JobKeeper and JobMaker Hiring Credit at the same time.
To be eligible, employers must:
hold an Australian Business number (ABN)
be up-to-date with their tax lodgement obligations
be registered for Pay As You Go (PAYG) withholding
be reporting through Single touch payroll (STP).
For all the details, review the document, and then contact us for any clarification you need.
Please click here to access the full article from the ATO.
Please contact our office on 02 9299 7044 or email us on admin@lockwood.com.au if you have any questions regarding this.