The Federal Budget delivered in October last year contained a number of announcements aimed at stimulating the Australian economy in light of the coronavirus pandemic. One that you may have overlooked is the JobMaker Hiring Credit scheme.
The JobMaker Hiring Credit scheme is an incentive for businesses to hire young job seekers aged 16–35 years.
Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. The credit provides:
The credit can be claimed quarterly in arrears by the employer from the ATO from 1 February 2021. It is intended to be an incentive for the employer to support wage costs and not be passed onto the employee.
Employee eligibility conditions are technical but generally require the employee to have received JobSeeker payments, Youth Allowance or Parenting Payment for at least one of the previous three months and worked at least 20 hours per week on average for the full weeks employed for the period being claimed.
For more information, give us a call on 03 9896 5100.