The Australia government has just released the latest round of business incentives to help businesses cope with the onslaught of COVID-19 including a new JobKeeper payment.
The JobKeeper payment is designed to keep employees in work and avoid overloading Centrelink.
These changes will be a huge relief to the cashflow of a number of businesses in these uncertain times so I encourage you to read up on whether you’re eligible and the steps you need to take next.
You can view the government release here or continue reading for a summary of key points.
- You must register your intention at www.ato.gov.au and assess that you have or will experience the required turnover decline
- Have a turnover of less than $1 billion (yes – there is hope for all our businesses)
- Have experienced a 30% turnover reduction compared to a similar period last year (stay tuned for more on this)
- Those that are currently employed by you (includes those stood down or re-hired)
- Were employed by you at 1st March
- Are full time, part-time or long term casuals (more than 12 months)
- At least 16 years old
- Are not receiving JobKeeper from another employer
- If you have employees working on a visa, make sure you check the visa requirements at the top of page 2 – there are a few.
- After you have registered your interest and identified eligible employees (the ATO will check Single Touch Payroll records) the first payment will be made in the first week of May.
- You will receive $1,500 gross per fortnight for each eligible employee.
- You are required to pass on to the employee the $1,500 before tax, especially if the employees normal wage is less than $1,500 gross per fortnight. You can choose if you pay super on the extra payment but you are not required to
- If the employee’s normal wage is greater than $1,500 per fortnight, you should make up the difference
If you don’t have employees (ie. you’re self employed), you can still register and nominate an individual to receive the payment
These are the details as released today, however, we expect further changes in the coming days which we will endeavour to keep you updated on.
If you require any further clarification, please do not hesitate to call us on 07 5536 3755.
