Jobmaker Amendment Bill Passes
The legislation has passed to allow the Treasurer to make rules in respect to the Jobmaker scheme on 13 November 2020.
Whilst still waiting on final ATO Guidance as to the eligibility of the scheme and how employers register the initial information is:
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).
Eligible employees must have worked an average of at least 20 hours per week over the quarter for the employer to qualify for the payment. Employees that start and/or stop employment during a quarter must meet a similar test based on the length of time in employment.
For the employer to be eligible, new employees must:
be aged 16 to 35 years
be in receipt of income support payments (such as JobSeeker Payment, Youth Allowance (Other), or Parenting Payment) for at least one of the three months before they were hired.
Further eligibility conditions will apply to employers based on the employer's headcount and payroll on 30 September 2020. These conditions ensure that employers claim credits for additional jobs created rather than for replacing existing employees.
Please note that this information is Factual in nature and not complete; it is neither General or Specific advice relevant to your specific circumstances and should not be relied upon without Professional Advice.
If you need assistance contact Steven Sherrah Mobile Accountant 0419854982
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