First JobKeeper, then JobSeeker, now comes JobMaker.
The Government’s $74 billion JobMaker Plan is a key element of the Government’s Economic Recovery Plan for Australia, designed to support a stronger economic recovery and bring more Australians back to work.
Importantly, the payment itself goes to the businesses creating the new jobs, not the young people gaining those new jobs. Businesses will gain $200 a week for each new employee aged between 16 and 29. For newly eligible employees aged 30 to 35, they will earn $100 a week.
The main requirement for the new employees is that they must have been receiving one of these three forms of welfare in the three months before they were hired: JobSeeker, Youth Allowance (Other) and the Parenting Payment.
They must also be working at least 20 hours a week on average in their new jobs.
As for the requirements on businesses, they cannot currently be claiming the JobKeeper payment if they want to take part in JobMaker.
To be eligible for the new scheme, the new jobs must be created between October 7, 2020, and October 6, 2021. The hiring credit is then available for 12 months for each of those new jobs (meaning the scheme is set to finally come to an end on October 6, 2022).
If you would like help with respect to JobMaker, please contact one of our experienced accountants by clicking here to submit an online enquiry form, calling us on 1300 QUINNS or alternatively, +61 2 9223 9166 to arrange a teleconference or appointment.