The wage subsidy scheme which is costing about $4 billion is paid directly to employers to help them employ younger workers during the COVID-19 economy recovery. The Federal Government is forecasting the scheme will help create about 450,000 jobs. The scheme is administered by the Australian Taxation Office and is designed to encourage employers to sign up young job seekers. The ATO’s deputy commissioner James O’Halloran said the ATO is working hard to try and make the JobMaker program easy for businesses to access after applications opened up this month. “The ATO is here to support employers and the community to easily access important economic stimulus like the JobMaker Hiring Credit,” he said. Here’s everything you need to know.
HOW DOES IT WORK?
It’s a wage subsidy scheme and it’s paid directly to employers to help them hire younger Australians aged 16 to 35.
WHEN DOES ELIGIBILITY APPLY?
Eligible employers are able to access the payment for up to 12 months when they hire younger workers between October 7 this year and October 6, 2021. Employees must have received the Parenting Payment, Youth Allowance or JobSeeker payment for at least 28 consecutive days within 84 days – or 6 fortnights – of being hired to ensure the employer is eligible for the program.
HOW DO I APPLY?
Businesses can register from December 7 through the ATO’s online services, the Business Portal or your registered tax or BAS agent.
HOW MUCH MONEY CAN BE CLAIMED?
Employers can claim up to $200 a week for each employee aged 16 to 29 and $100 a week for those aged 30 to 35.In total employers will be eligible for up to $10,400 for one year for eligible employees aged 16 to 29. Employers will be able to claim up to $5200 within the 12 month period for employees aged 30 to 35.
HOW DO I GET ASSISTANCE WHEN APPLYING?
Contact a tax professional or call the ATO’s dedicated help line on 13 28 66.
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