Tax Tips: COVID-19 Tax Update
Written by:Evan Lowenstein
JOBMAKER
Following on from the success of the JobSeeker, JobKeeper, we have yet another scheme that was introduced last month as part of the 2020/2021 budget – JobMaker.JobMaker is a scheme intended to support businesses to hire additional employees and expand their organisation to ensure young people can access new employment opportunities as the economy recovers from the Covid 19 pandemic.
In general terms it is a subsidy of $200 a week given to employers to encourage younger workforce participants aged 16 to 29 years to be employed by these businesses or $100 per week if they hire an eligible employee aged 30 to 35 years.
The JobMaker Hiring Credit will be available for up to 12 months from the date of employment of the eligible employee with a maximum amount of $10,400 per additional new position created.
VICTORIAN BUDGET
The Victorian State Government Budget was brought down on the 24 November 2020 by Treasurer, Tim Pallas, MP. Amongst the measures which are concerned primarily with providing a large amount of jobs growth was a measure that concerned Stamp Duty which involves a land transfer (stamp) duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million.It applies to only contracts signed after the 25 November 2020.
This measure adds to a whole host of other State Government tax relief measures of deferrals of payroll tax, land tax and other state taxes as a result of the damaging 2nd lockdown.
Full details can be found here: https://www.budget.vic.gov.au/