If you have hired additional eligible employees, would not you want to claim the jobmaker hiring credit? Well, there are several requirements that you as a business owner will have to fulfil to claim this credit. The very first job maker hiring credit claim period was announced for the additional eligible employees hired between 7 Oct 2020 to 6 January 2021.
Requirements to fulfil for claiming jobmaker hiring credit?
- You need to register your business through ATO online service or online service for business. Alternatively, you can register your business with the help of your registered tax agent or BAS agent by 30th April.
- You will have to nominate all the eligible employees by running the payroll event with the help of STP (single touch payroll) enabled software before 27th April.
- After taking the above two steps, you can claim your payments through ATO online services, or online services for business, and you can also go for help from a registered tax or BAS agent by 30 April.
- You can go for registration any time before the scheme ends, and you will have to do it only once. Just keep in mind that you do it before the claim period ends for the first jobmaker hiring credit.
Key points regarding the registration
Employers who want to claim the jobmaker hiring credit will need to register by the due date of the first jobmaker credit they are going to claim for. After the registration, employer can claim the jobmaker credit for each period; payments are made in arrears. For completing the registration, you will need to provide the following details:
- Baseline headcount of the employees
- Baseline payroll amount
- Contact details
When can you not register for the jobmaker hiring credit?
There are several scenarios where you can’t register for jobmaker hiring credit, such as:
- If you do not have an Australian business number (ABN) for your business.
- A big amount bank levy was imposed on you or a member of your consolidated group for any quarter before 30 Sep 2020.
- You are an Australian government agency within the meaning of Income Tax Assessment Act, 1997.
- You are a local governing body or are wholly owned by a government agency or local governing body.
- You are a sovereign entity or are a company in liquidation or provisional liquidation.
- You are an individual who entered bankruptcy.
Key dates for jobmaker hiring credit
The Jobmaker hiring credit claim scheme started from 7 October 2020 and employers could claim their first claim payment relating to employees hired up to 6 October 2020. Employees that are hired after this date will not be eligible.
Registration started on 6 December 2020; employers only needed to register once for this scheme, and the first claim period opened from 1 February 2021, and it closed on 30 April 2021.
The end date of the job maker hiring credit scheme is 6 October 2022.