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Businesses can get $10k a year for each new employee, says ATO

Adrian Flores
Adrian Flores
02 February 2021 1 minute readShare
James O’Halloran

Businesses could potentially receive up to more than $10,000 over a year for each eligible additional employee hired, says Australian Taxation Office Deputy Commissioner James O’Halloran.

The comments from Mr O’Halloran come as businesses can claim payments through the JobMaker Hiring Credit scheme which is aimed at helping young people who have been disproportionally affected by COVID-19.

Eligible employers can receive payments for each eligible additional employee they hire between 7 October 2020 and 6 October 2021 of:

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  • up to $10,400 over a year for each one aged 16 to 29, and
  • up to $5,200 over a year for each one aged 30 to 35.

The ATO called on eligible employers to:

  • register using ATO online services, Online services for business or the Business Portal, or through a registered tax or BAS agent;
  • nominate their eligible new employees by having their employees complete a JobMaker employee notice, running payroll events and supplying the required additional information through their Single Touch Payroll-enabled software;
  • claim using ATO online services, Online services for business or the Business Portal, or through a registered tax or BAS agent.

ATO Deputy Commissioner James O’Halloran said eligible employers can start claiming payments in arrears every three months from 1 February 2021 for up to 12 months for each additional eligible employee.

 

He encouraged business owners to check their eligibility as well as check the JobMaker Hiring Credit payment estimator to find out how much they may receive.

“The ATO is here to support employers access the government’s JobMaker Hiring Credit. If business owners need help, they should check out the range of resources available on our website, or speak to their registered tax or BAS agent,” Mr O’Halloran said.

“Employers only need to complete three simple steps to receive the JobMaker Hiring Credit payments.”

Mr O’Halloran said the benefits for business are two-fold. Not only will the business receive stimulus support in response to the COVID-19 pandemic, they will also support a young person’s career.

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“Helping young people who are unemployed secure jobs now will build their skills, improve their career prospects over their lifetime and support Australia’s economic recovery,” he said.

Businesses can learn more about the JobMaker Hiring Credit scheme here.

Businesses can get $10k a year for each new employee, says ATO
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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