Have you heard that Australian businesses can now benefit from employing new employees, utilising young job seekers between the ages of 16 – 35 years?
Under the JobMaker scheme, employers have up until 6th October 2021 to apply to access a Hiring Credit Scheme that can potentially offset up to $10 400 a year.
This is a direct initiative offered as a lifeline for Australian businesses that were impacted by Covid-19 when restrictions were limiting business trade.
Your business must fall within the eligible categories to access the hiring credit.
To clarify, these payments go directly to the employers. This then is a direct benefit to the employees by retaining a paid position.
The benefit is structured into two tiers depending on the age category and applies to new employees only.
Is this scheme still available now?
YES, the window of closure is set for 6th October 2021, so if you have been holding off on scaling up and employing staff to assist you in your business there is still time to lodge an application.
If I register my business now, do I still receive the full benefits to offset the payment for new employees?
Yes, the scheme was started in October 2020 to coincide with 2020/2021 Federal Budget.
Actioning payments in arrear’s has been started from 1st February 2021 if your business is eligible.
These payments arrive periodically every three months for up to twelve months.
The 3 steps to action ASAP, to access this incentive
1. Check if your business is eligible for the JobMaker Scheme, via
2. Register your interest with the ATO via the ATO website.
3. Provide the relevant documentation for eligible employees, when lodging claims.
If you have more questions about your business’s availability for this government scheme, our team are here to assist you in a confidential manner, with professional advice so you can make an informed decision.
Book a conversation with our team today.
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
Mark Foxley-Conolly (ASIC No. 1259421) is a Limited Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.