JobKeeper Payments - Federal Government Wage Subsidy
The Australian Government has thus far announced 3 Economic Stimulus packages to the sum of $325 billion.
The Government announced a $130 billion JobKeeper payment to help more Australians in jobs and support businesses affeected by the significant economic impact caused by the Coronavirus. The payment ensures eligible employers remain connected to their workforce and will help businesses restart quickly when the crisis is over.
$1500 per fortnight available to full time, part-time and casuals employed for 12 months or more. This payment is also available to
- These funds will be administered by the ATO to Employers to then distribute to their employees
- Payments will apply to employees who were on payroll as of 1st March
- Payments will flow from May 1 but will be backdated and back paid from today
If an employee was terminated or stood down after March 1 they will still be eligible, they will need to be rehired to be eligible for
Business turnover needs to be reduced by 30% or more to be eligible for this scheme and based on comparing a current period of at least a
month to the same period last year.
Where a business was not in operation a year earlier, or where their turnover a year earlier was not representative of their usual or
average turnover, (e.g. because there was a large interim acquisition, they were newly established or their turnover is typically highly
variable), the Tax Commissioner will have discretion to consider additional information that the business can provide to establish that they
have been adversely affected by the impacts of the Coronavirus.
- Will be linked to STP lodgements for employees and employers
- The ATO will make payments to the employers monthly in arrears.
- Employers will be required to report the number of eligible employees employed by the business to the ATO on a monthly basis
- Please note legislation is yet to be passed on this but it is expected that it will be approved sometime next week
Contact the team at BizWhiz Business Solutions TODAY so we can assist you with the registration process, application process and the calculations.
We look forward to hearing from you soon.