JobMaker Hiring Credit scheme
The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers aged between 16–35 years, delivering a payment to support the new employees’ wage costs.
Eligible employers can receive the payment for up to 12 months for each additional new eligible employee they hire between 7 October 2020 and 6 October 2021. This has been capped at a maximum of $10,400 per year and employers will be credited up to $200 a week for employees aged 16-29 and up to $100 for those aged 30-35 years.
Eligible employers will be able to register with the ATO from 6th December 2020 and are able to claim payments in arrears from 1 February 2021. Employers will also be able to claim payment on eligible employees for up to 12 months from their employment start date. Businesses are unable to claim JobKeeper and JobMaker Hiring Credit at the same time.
As well as age being a factor, an eligible employee must have received one of these payment types for at least 28 consecutive days (or 2 fortnights) in the 84 days (or 6 fortnights) prior to beginning employment:
- JobSeeker Payment
- Parenting Payment
- Youth Allowance (except if they were receiving the allowance because they were undertaking full-time study or are a new apprentice).
Further information on how employers can register for the JobMaker Hiring Credit is available at https://www.ato.gov.au/General/JobMaker-Hiring-Credit/
Alternatively, please contact your Tax Advisor at 360Private who can assist you in reviewing your eligibility as an employer.