JobMaker Hiring Credit rules and reporting
In the next few months, businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit Scheme.
The JobMaker Hiring Credit is a payment that your business gets to keep – different to JobKeeper.
The scheme started on 7 October 2020, and employers will be able to claim payments relating to employees hired up until 6 October 2021. The first claim period for JobMaker starts on 1 February 2021 and businesses must first register with the Australian Taxation Office (ATO). To claim the payment in the first JobMaker period, your business must register by 30 April 2021.
Since the aim of JobMaker is to subsidise an increase in the number of employees a business hires – not to reduce the cost of replacing employees – businesses wishing to claim the payment must also demonstrate increases in both in headcount and employee payroll amount.
Employers will need to send information such as their baseline headcount and payroll amounts to the Australian Taxation Office for compliance purposes.
If you expect an increase in number of employees, contact us for more detail on the eligibility criteria.
AcctWeb