From the team that brought you JobKeeper and JobSeeker comes JobMaker. Here's how the $4 billion hiring credit scheme will work.
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 and the Parenting Payment.As for the requirements on businesses, they can't currently be claiming the JobKeeper payment if they want to take part in JobMaker.Crucially, businesses do not need to have suffered a fall in turnover to be eligible for the scheme.
To be eligible for the new scheme, the new jobs must be created between October 7, 2020 and October 6, 2021.As for the cost, the scheme is expected to have a price tag of $4 billion from 2020-21 to 2022-23.Employers will be able to register for the scheme from December 7, 2020, via the ATO website. But don't worry, businesses don't need to be registered for the scheme at the time that a new job is created — and again, new jobs are eligible for the scheme from tomorrow.
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