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JobMaker Hiring Credit

Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old.

Eligible employers will receive $200 a week for each new employee aged between 16 and 29. For new eligible employees aged 30 to 35, they’ll receive $100 a week. Businesses and employees will need to satisfy specific eligibility requirements.

For an employer to be eligible they must have an Australian Business Number and be up to date with their tax lodgement obligations, registered for Pay As You Go (PAYG), and be reporting through Single Touch Payroll. Employers will not be eligible if they are also claiming JobKeeper Payment.

To receive the JobMaker Hiring Credit, employers must also meet additionality criteria, requiring an increase in the:

The JobMaker Hiring Credit will be available to employers for each new job they create over the next 12 months for which they hire an eligible young person. The employee must work at least 20 paid hours per week on average and may be employed on a permanent, casual or fixed term basis. The employee must also have received the JobSeeker Payment, Youth Allowance or Parenting Payment for at least one of the three months preceding the time of hiring.

The JobMaker Hiring Credit will start on 7 October 2020. The Hiring Credit will be claimed quarterly in arrears by the employer from the Australian Tax Office (ATO) from 1 February 2021. Employers will need to report to the ATO quarterly that they meet the eligibility criteria.

Registrations will be open for eligible employers through ATO online services from 7 December 2020.

Posted on 7 October '20 by , under Tax.

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All investments have an aspect of risk and property investment is no different. How comfortable you are with the risk is generally an indication of your financial situation, age and expertise. There are a few common areas that pose risks to properties that investors should be aware of before entering into the market.

Market risk

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Maintenance

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