Yahoo Finance Up to $10,400: Employers urged to register for Hiring Credits
Employers can now register for the JobMaker Hiring Credits unveiled in the 2020 Budget, with payments to flow from February 2021 via the Australian Taxation Office.
Eligible employers can access the payment for up to 12 months for each eligible new employee hired between 7 October 2020 and 6 October 2021.
For employees aged 16 to 29, employers can claim up to $200 per week, and for employees aged 30 to 35, employers can claim up to $100 per week back.
Also read: JobMaker Hiring Credits explained
In total, employers can claim up to $10,400 of wages back from the Government for the younger bracket, and $5,200 for older eligible employees.
ATO deputy commissioner James O’Halloran said businesses should check their eligibility and register for the scheme from Monday, to ensure they can make a claim in February 2021.
“We encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,” said O’Halloran.
Am I eligible for the JobMaker Hiring Credits?
New employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28 consecutive days in the 84 days prior to being hired to allow for a claim to be made by the employer, according to the ATO.
Employees must also work at least 20 paid hours per week on average for each three-month reporting period, and they must have been employed between 7 October 2020 and 6 October 2021.
However, if employers hire an employee on 6 October 2021, they will be able to claim the payment for the 12 months to 6 October 2022.
When will employers receive the JobMaker Hiring Credits?
The Hiring Credits will be paid quarterly in arrears, meaning employers who hire an eligible employee in October won’t actually receive the subsidy until March next year.
Claims for the first quarterly payment will be open from 1 February 2021.
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