With the roll-out of the JobMaker Hiring Credit scheme your business could potentially receive up to $10,000 over a year for each eligible additional employee hired.
The Australian Taxation Office has outlined its plans that will assist eligible businesses to claim payments through the new stimulus measure known as the JobMaker Hiring Credit.
The new scheme is aimed at helping young people, who it is known have been disproportionally affected by COVID-19 to break their way in, or even back in, to the workforce.
By providing eligible employers with wage subsidies, the scheme is designed to create more jobs for people aged 35 and under who have experienced unemployment or require additional assistance.
Eligible employers can receive payments for each eligible additional employee they hire between 7 October 2020 and 6 October 2021 of:
* up to $10,400 over a year for each one aged 16 to 29, and
* up to $5,200 over a year for each one aged 30 to 35.
Check your eligibility – JobMaker Hiring Credit
It has been outlined that the JobMaker payments will continue to be available until 6 October 2022.
Registrations for the JobMaker Hiring Credit scheme are now open, with the first claim period being made available from 1 February 2021.
The ATO called on eligible employers to register using ATO online services, Online services for business or the Business Portal, or through a registered tax or BAS agent.
They will be required to nominate their eligible new employees by having their employees complete a JobMaker employee notice, running payroll events and supplying the required additional information through their Single Touch Payroll-enabled software.
The business can then claim using ATO online services, Online services for business or the Business Portal, or through a registered tax or BAS agent.
Eligible employers can start claiming payments in arrears every three months from 1 February 2021 for up to 12 months for each additional eligible employee.
We would recommend that as business owners, you check your eligibility as well as checking the ATO’s JobMaker Hiring Credit payment estimator to find out how much any new potential employees may receive.
Check the estimator – JobMaker Hiring Credit payment
As a registered tax and BAS agent, MWM Advisory has the expertise to support you and your business to employ new staff and access the government’s JobMaker Hiring Credit scheme in support of getting young people back in to work.