JobMaker Scheme Gets Green Light
November 18, 2020
Receive up-to $200 per week for new employees
The JobMaker hiring credit scheme has officially passed Parliament, giving Australian employers greater incentive to hire younger workers.
JobMaker is designed to boost the employment prospects of 16 to 35 year olds, with the Government estimating it will support around 450,000 jobs.
Like JobKeeper, the JobMaker hiring credit is a wage subsidy paid to employers at a fixed rate. Business owners will receive $200 per week to hire workers between 16 to 29, or $100 a week for workers between 30 to 35. This will be paid in quarterly arrears by the ATO.
Workers will only be eligible if they’re already receiving JobSeeker, Youth Allowance (Other), or the Parenting Payment for at least one of the three months prior to their date of employment.
They also have to work at least 20 hours of paid work to be eligible and is only eligible with one employer at a time.
But employers will have to increase their headcount and payroll to qualify for the scheme, meaning new people must be hired and workers who are already employed at a business don’t qualify.
Treasurer Josh Frydenberg announced the new wage subsidy had passed.
“Youth unemployment was particularly impacted by restrictions imposed as part of the health response to the Covid-19 pandemic, with the JobMaker Hiring Credit specifically designed to encourage businesses to take on additional young employees and increase in employment,” Frydenberg said in a statement.
“The JobMaker Hiring Credit will ensure hard-working Australians and businesses have the support to get back to work and is part of the Government’s Economic Recovery Plan to create jobs, rebuild the economy and secure Australia’s future.”
The scheme will apply for workers hired from 7 October, but employers will have to wait until February 2021 to get the subsidy.
For more information on the scheme please contact us
today and book an appointment or alternatively you can complete your details here.
Your balance sheet is a key financial statement to understand. So we’ve highlighted five ways your balance sheet can keep you informed about your financial health.
The Reserve Bank of Australia has increased interest rates from 3.6% up to 3.85%. What does this rise mean for you, your business and your financial opportunities?
What Employers Need to Know Before 1 July 2026
We’ve heard a lot about trade tariffs in the news. But what is a trade tariff and how could these customs taxes impact your small business?
Do you know where to start when updating your systems to modern, digital tools? We share five steps for getting the best from your new digital tools.
63% of Australian businesses say they are losing money to late payments. Here’s what you can do to get your late payment issues under control.
54% of employees prefer a combination of in-office and remote work. Are you making moves to switch to flexible working? We explain why it's is the way forward.
Are you drowning in business admin? Automation is the answer. We’ll help identify automation opportunities and choose the best apps to drive an efficient business.
When did you last review your business strategy? We share four areas you should revisit and update to create the best possible strategic and growth outcomes.
Is your digital marketing strategy still fit for purpose? Here are 4 key elements your business should be using to advertise your brand + engage with new customers.
