The Australian Government has announced the JobMaker Hiring Credit Scheme to help young people who are significantly impacted by COVID-19. From 1st February 2021 eligible employers can start to claim payments. Our local CLY Tax Agent Ringwood can assist you in registering and applying for the JobMaker Hiring Credit as well as preparing tax return Ringwood.
Both your business and your additional employee must meet the eligibility criteria to claim for JobMaker Hiring Credits. You cannot receive a JobKeeper payment and JobMaker Hiring Credits at the same time. The JobMaker Hiring Credit is paid every three months in arrears to employers and can be paid up to 12 months.
To be an eligible employer, you must have registered for the JobMaker Hiring Credit Scheme and operate a business in Australia. You need to have an Australian Business Number (ABN) and register for Pay As You Go (PAYG) withholding. Your Income Tax and Business Activity Statements prepared by tax agent Ringwood have to be up to date for the two years up to the end of the period that you are claiming for JobMaker. Additionally, you have to report through Single Touch Payroll (STP)- enabled software. The detailed guidance for the JobMaker Hiring Credit Scheme can be found on ATO’s website.
JobMaker Payment Tiers
Two tiers of payment rates can be applied for your eligible employees:
- Tier 1: each eligible additional employee aged 16 to 29 years hired between 7 October 2020 and 6 October 2021 can claim up to $200 per week
- Tier 2: up to $100 per week for employee aged 30 to 35 years.
New employees have to work a minimum average of 20 hours per week during the JobMaker period.
If your business would like to have a boosted restart from the COVID-19 downturn and are considering applying for JobMaker Hiring Credit, our CLY Tax Accountants & Bookkeepers Ringwood are happy to help with our professional accounting knowledge and services. We are also available for any assistance regarding business accounting, bookkeeping and tax return Ringwood needs.
For more information or to make an appointment to discuss your situation in detail, please contact CLY Tax Agent Ringwood. We are always ready and happy to help you get through this difficult time and assist you with all your tax return Ringwood and accounting needs.