Happy New Year!

We hope you all had a relaxing break over the Christmas period. As challenging as 2020 was for everyone, at TTO we are excited to get back into the swing of things helping our clients achieve their goals for the year ahead.

On 21 December 2020 we sent an email introduction the JobKeeper Extension 3, this extension commenced on Monday 4 January 2021, and will run to 28 March 2021.  If you haven’t already completed your online check and declaration, this is open now via the ATO Business Portal.

What you need to know for the JobKeeper Extension 3:

• You need to show your actual GST turnover has declined by no less than 30{b8e7c7f951a33340f874b6d86f318d9ec4412e46b7f65591a459ed670b119c83} in the December 2020 quarter compared to the same period in 2019.
• You can be eligible for the January – March 2021 extension period even if you were not eligible for the October – December 2020 extension period as long as you meet the turnover requirements.

The rates of the JobKeeper payment in this extension period are:

• Tier 1: $1,000 per fortnight (before tax) – 80 hours or more per month
• Tier 2: $650 per fortnight (before tax) – all other eligible employees

On 6 October 2020 the Australian Government introduced the JobMaker Hiring Credit. This payment will assist employers in hiring young Job Seekers, by providing a payment to eligible employers to support the wage of new employees. The JobMaker Hiring Credit is administered by the ATO.

• Eligible employers can access the JobMaker Hiring Credit scheme for eligible additional employees they hire between 7 October 2020 and 6 October 2021, for a maximum claim period of 12 months from their employment commencement date.
• Through the JobMaker Hiring Credit scheme, eligible employers may receive payments of up to $200 per week for each eligible additional employee aged 16–29 years old inclusive and $100 per week for each eligible additional employee aged 30–35 years old inclusive.

The TTO team are always here to help and support you as we head towards tomorrow.

If you have any queries in relation to the JobMaker and JobKeeper 3.0, please do not hesitate to call the office on 8211 9426.