On 6 October 2020 , the Australian Government announced the $74 billion JobMaker Plan as part of the 2020–21 Budget. Of this amount, $4 billion dollars have been allocated for a JobMaker Hiring Credit and an additional $1.2 billion for the Boosting Apprenticeships Wage Subsidy to support new apprentices and trainees.
The government hope that the JobMaker Hiring Credit help to accelerate growth in the employment of young people during the COVID-19 recovery. This will improve their economic, health and social outcomes and reduce the scarring from long-term unemployment.
Key facts
§ From 7 October 2020, each additional eligible employee aged 16 to 29 will be able to claim $200 a week ;
§ Each additional eligible employee aged 30 to 35 years old will be able to claim $100 a week.
FAQ
Q:Who is an eligible employee
To be eligible, the employee must have:
- Received the JobSeeker Payment, Youth Allowance (Other), or Parenting Payment for at least 28 consecutive days within the 84 days prior to the start of employment.
- The JobMaker Hiring Credit will be claimed quarterly in arrears by the employer from the ATO from 1 February 2021. Employers will need to report information about their entitlement quarterly.
Q: Who is the eligible employer?
A: Employers are eligible to receive the JobMaker Hiring Credit if they:
• have an Australian Business Number (ABN);
• are up to date with tax lodgement obligations;
• are registered for Pay As You Go (PAYG) withholding;
• are reporting through Single Touch Payroll (STP);
• meet the additional criteria;
• are claiming in respect of an eligible employee; and
• have kept adequate records of the paid hours worked by the employee they are claiming the hiring credit in respect of.
Q:Who is NOT eligible?
A:The following employers are not eligible for the JobMaker Hiring Credit:
- Commonwealth, state and local government agencies, and entities wholly owned by these agencies.
- Sovereign entities (foreign Governments, their agencies and wholly owned foreign resident subsidiaries). However, Australian resident entities owned by a sovereign entity that meet all other eligibility criteria are eligible.
- Entities in liquidation or who have entered bankruptcy.
- Employers who are claiming the JobKeeper Payment.
- Employers subject to the major bank levy.
If you need help with getting set up on Single Touch Payroll for eligibility purposes, please contact us on 0402 219 001, or at info@ihprofessionals.com.au
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