• Scorpion Bookkeeping

How the 2020 Federal Budget affects your business (Part 2)

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Last week, we let you know about Federal Budget tax cuts for you and your employees. This week, we’ll look at the JobMaker Plan that was also announced in the Budget.

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What is the JobMaker Plan?

The JobMaker Plan is designed to boost the employment of people under the age of 35. Eligible employers can receive a subsidies (called Hiring Credits) over the next 12 months for hiring new staff members who have been on one of the following government payments in the previous three months:

  • JobSeeker

  • Youth Allowance

  • Parenting Payment

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How much is the JobMaker subsidy?

The subsidy depends on the age of the employee you hire:

  • For eligible new hires aged between 16 and 29, your business will receive a hiring credit of $200 per week.

  • For eligible new hires aged between 29 and 35, your business will receive a hiring credit of $100 per week.

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What are the business eligibility requirements for the JobMaker Plan?

You can participate in the JobMaker Plan provided that:

  • your business isn’t currently claiming JobKeeper payments.

  • your new hire is employed for at least 20 hours per week.

  • your new hire is an additional staff member, not a replacement for an existing staff member who leaves your business.

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How can my business apply for the JobMaker subsidy?

If your business is eligible, you will be able to apply for JobMaker from 7 December 2020 via the ATO’s website.

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How we can help

At Scorpion Bookkeeping, we can help you to implement Xero bookkeeping software to help you keep all you manage the financial aspects of your business. We are a Xero-certified partner.

We provide bookkeeping support services to a diverse range of clients in South Australia, Victoria and New South Wales.

Contact us today for a free, no-obligation consultation to find out how we can help your business!

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