Legislation to facilitate JobMaker Hiring Credit payments introduced

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