On 30 October 2020, Treasury announced a consultation and released exposure draft for the Jobmaker Hiring Credit Scheme announced in the 2020-21 federal budget.
Under this scheme, a JobMaker Hiring Credit (payment) will be available to eligible employers over 12 months from 7 October 2020 for each additional new job they create for an eligible employee. Eligible employers who can demonstrate that the new employee will increase overall employee headcount and payroll 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 JobMaker Hiring Credit will be available for up to 12 months from the date of employment of the eligible employee with a maximum amount of $10,400 or $5,200 respectively, per each additional new position created.
The 2020-21 Australian federal budget, handed down on 6 October 2020, included a temporary loss carry back measure as well as dealing with the key budget tax measures including:
Accelerating the personal income tax cuts;
Enhancing the R&D Tax Incentive; and
Temporary full expensing of depreciating assets.
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