JobKeeper Payment

JobKeeper Payment

Supporting businesses to retain jobs and stay in business

The economic impacts of the Coronavirus pose significant challenges for many businesses – many of which are struggling to retain their employees.

Under the JobKeeper Payment, businesses significantly impacted by the Coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income – even if their hours have been cut.

Here is a summary of what you need to know about the JobKeeper Payment:

  • It is worth up to $1500 a fortnight, per employee
  • Sole traders are eligible
  • To be eligible, the turnover of a business will need to have fallen by 30% or more, or in the case of a business with an annual turnover of more than $1 billion, by 50% or more. This is to be measured over a MINIMUM one-month period to a comparable period a year ago
  • If an employee earns less than the $1,500, the government will effectively be subsidising their entire wage. If an employee earns over $1,500 per fortnight, the employer will need to contribute the excess above or reduce the employee’s remuneration down to $1,500. (Note employees remuneration can only be reduced where their work hours have been reduced or have been stood down with pay)
  • Employee has to have been employed on March 1 to be eligible (even if stood down since that time)
  • The government will backdate payments from 30th March 2020 with payments to be released from early May
  • New Zealanders on the 444 visa will be included
  • All other temporary visa holders will not, although conversations are “under way”
  • It does not include superannuation
  • It will be delivered through existing systems at the ATO – you can apply here – https://www.ato.gov.au/general/gen/JobKeeper-payment/
  • It will cost $130 billion over six months.

For further information, here are some useful government fact sheets:

 

Click here for a PDF SUMMARY OF FEDERAL AND STATE GOVERNMENTS’ ECONOMIC MEASURES AS OF 30TH MARCH 2020.

No Comments

Post A Comment

Company or Trust Tax Return for Accountants & Bookkeepers

* BASIC PLAN ($400+ GST) CONDITIONS, excludes the following items:

* STANDARD PLAN ($800+ GST) CONDITIONS, excludes the following items; however, these services can be provided for an additional cost.

Get started now!

* Premium Package pricing conditions, please take note the premium pricing excludes the following items; however, these services can be provided for an additional cost.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote.

Get started now!

* Standard Package pricing conditions, please take note the standard pricing excludes the following items; however, these services can be provided for an additional cost.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote.

Get started now!

* CONDITIONS to our Basic Tax Reporting Package for Company or Trust Tax Return ($400+ GST), excludes the following items:

If you do not qualify for this option, you will need to consider our Standard Tax Reporting Company or Trust Tax Return ($800+ GST) option.

Get started now!

Enquire Now

Fill out the form below and we will get back to you as soon as we can.