There is no doubt that the past 12-months have been a challenge for small businesses. Many businesses are still in their infancy of paving their way and having to navigate that with all the current uncertainly is no easy feat.
With JobKeeper ending in March, there has been lot of stress about how small businesses would be able to keep employing staff and making ends meet. However, a new stimulus has been introduced and you may be eligible for it.
In an effort to incentivise Australian businesses to hire young workers, the Government has introduced JobMaker, which is an employment stimulus package designed to get young people employed by 6 October 2021. This stimulus will be available to businesses who can fulfill the eligibility requirements and in return they will receive weekly payments.
This package is for businesses who can hire junior staff aged between 16 to 35 years. To qualify for the JobMaker benefit, both employer and employees will need to meet key requirements.
Unfortunately, those who are not currently receiving government support, or those who are changing jobs are not eligible.
The amounts you can receive are age dependant. Those aged between 16 and 29 years of age will be eligible for a higher weekly payment than those who are
For those planning on starting a new business or if you are a business owner wanting to give someone the opportunity to join your company and take advantage of the employment stimulus package, we can help you determine if you meet the requirements and streamline the process of hiring new staff.
Around $4 billion has been invested into this scheme that both helps young people get into the workforce and small business owners receive the assistance that they need. An estimated 450,000 will benefit. This is a good win for Australians as the official jobless rate was 6.6 per cent in December which dropped to 6.4 per cent in January. However, there were fears for more unemployment in March when Job Keeper was cut off. Getting as many people as possible into jobs is key for keeping those rates declining.
The criteria may appear complicated, but if you are entitled for JobMaker funding why not take advantage of it.
Gerry Incollingo, Managing Director, LCI Partners