Final rules issued for JobMaker Scheme
In November 2020 Accounting News, we summarised the JobMaker scheme and related accounting based on provisional information available from the Government at that time. Since then, Final Rules have been released which prescribe how the JobMaker scheme will work, what constitutes an eligible employer and eligible employee, when claims can be made, and a lot of detail on how to calculate the claims. The Final Rules are contained in the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 9) 2020.
November Accounting News updated for Final Rules
Our November 2020 Accounting News article has been updated for information contained in the Final Rules. Please refer to our updated article which provides clarity around the timing of recognition of JobMaker income for both for-profit and not-for-profit entities.