The 2020 Federal Budget was released over a week ago so it is timely to start to examine some of the detail surrounding the announcements.
First up:
Have you thought about any opportunities arising for you or your business from the JobMaker Hiring Credit ?
Key facts
From 7 October 2020, eligible employers will be able to claim $200 a week for each additional eligible employee they hire aged 16 to 29 years old; and $100 a week for each additional eligible
employee aged 30 to 35 years old.
New jobs created until 6 October 2021 will attract the JobMaker Hiring Credit for up to 12 months from the date the new position is created.
To be eligible, the employee must have received the JobSeeker Payment, Youth Allowance (Other), or Parenting Payment for at least one of the previous three months at the time of hiring.
The JobMaker Hiring Credit will be claimed quarterly in arrears by the employer from the Australian Taxation Office (ATO) from 1 February 2021. Employers will need to report quarterly that they meet the eligibility criteria and for more detail see the ATO factsheet (link below) and if you would like to discuss further, please do not hesitate to get in contact with Stacey or Ross at Astro Tax.