The Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 proposes to amend the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 to allow the Treasurer to make rules for a kind of COVID-19 economic response payment that is primarily intended to improve the prospects of individuals getting employment or increase workforce participation.
The government announced in its 2020-21 Federal Budget that the JobMaker Hiring Credit scheme will operate from 7 October 2020 to 6 October 2022.
Under the scheme, the JobMaker Hiring Credit will be available from the date of employment for up to 12 months and capped at $10,400 for each additional new position created. Eligible employers will receive $200 per week if they hire an eligible employee aged 16 to 29 years, or $100 per week if they hire an eligible employee aged 30 to 35 years.
The measure will take effect the day after the Bill receives assent. The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report by 6 November 2020.
The JobMaker Hiring Credit will be administered by the ATO who will provide further information.
From CAP TAX News – 15 October 2020 / Edition 40