JobMaker – What you need to know

For Business | For Individuals
December 8, 2020

The JobMaker program is designed to accelerate employment growth, with the Government providing $4 billion to encourage businesses to take on additional employees they may otherwise not have engaged, by providing a hiring credit to eligible employers. 

The Department of Treasury sought consultation on the program, with final consultation closed as of  27 November.

Similar to JobKeeper, the legislative detail is quite broad with the Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020  providing for the Treasurer to make rules. As per JobKeeper (with consultation only just closing) we expect a number of changes to these rules.

From 7 October 2020,  the JobMaker Hiring Credit offers a fixed amount, paid quarterly in arrears by the ATO, of:

  • $200 per week for an eligible employee aged 16 to 29
  • $100 per week for an eligible employee aged 30 to 35 years.

JobMaker periods are expected to run until 6 October 2022, however the maximum period that an employer can claim JobMaker for an eligible employee is up to 12 months. This allows an employer to claim JobMaker for a full 12 months where a new job is created, for example, on 6 October 2021.

As the aim of the scheme is to subsidise an increase in the number of employees, eligible employers must meet a number of other conditions, including headcount and payroll increases, to demonstrate they are creating new employment positions. For more information regarding employer requirements, please refer to the JobMaker Hiring Credit Factsheet.  

If you would like assistance with formally reviewing your eligibility or making a claim under JobMaker, do not hesitate to contact the team at Nexis.

Your Link to Growth

A long time vision for us, Your Link to Growth reflects our approach and aspirations to assist our clients, staff and community to reach their goals. We do this through holistic and innovative financial solutions for businesses and individuals. Founded in 2004, we are a well established business based in Canberra and Brisbane.

Learn more about Nexis

Get in touch with Nexis

Talk to our friendly team today about all your tax needs.

Other news

Tax and Family Trust Laws 2023 Update

Tax and Family Trust Laws 2023 Update

2023 has seen some of the most significant changes to tax and family trust laws, and with 30 June 2023 approaching, we want to make sure you are aware of how these changes may affect you. Big changes to tax laws and family trust laws in 2023 The last 12 months have...

read more
2023 Federal Budget Snapshot for Businesses

2023 Federal Budget Snapshot for Businesses

The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost of living relief and modernising our economy. Only a few tax and superannuation changes were announced. However, no mention was made of the previously announced Stage 3 Income Tax cuts...

read more