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Changes to JobKeeper payment

Breaking News – changes to JobKeeper payments

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Changes to JobKeeper payments announced

Changes to JobKeeper payments announced on 21 July by the Australian Government. Announcing the extension to the JobKeeper Payment until 28 March 2021 and is targeting support to those organisations which continue to be significantly impacted by the Coronavirus. From 28 September 2020, eligibility for the JobKeeper Payment will be based on actual turnover in the relevant periods, the payment will be stepped down and paid at two rates.

  • The existing JobKeeper Payment will remain in place until 27 September 2020.
  • From 28 September 2020, the JobKeeper Payment will be targeted to businesses that have been most significantly impacted, the payment rates will be stepped-down and two tiers of payment will be introduced. 

If you currently receive JobKeeper Payment it remains unchanged and available until 27 September 2020. From 28 September 2020, businesses seeking to claim JobKeeper Payments will be required to reassess their eligibility for the JobKeeper extension with reference to their actual turnover. The JobKeeper extension will be available to qualifying businesses from 28 September 2020 until 28 March 2021.

Business eligibility

Changes to JobKeeper payments indicate from 28 September 2020, organisations seeking to claim JobKeeper payments will be required to reassess their eligibility for the JobKeeper extension with reference to their actual turnover in the June and September quarters 2020. Organisations will need to demonstrate that they have met the relevant continuing decline in turnover test in both of those quarters to be eligible for JobKeeper from 28 September 2020 to 3 January 2021.

Organisations will need to further reassess their eligibility in January 2021 for the period from 4 January to 28 March 2021. Organisations will need to demonstrate that they have met the relevant continuing decline in turnover test in each of the previous three quarters to remain eligible for the March 2021 quarter.

JobKeeper payment rates

The JobKeeper payment rate is to be reduced and paid at two rates:

  • From 28 September 2020 to 3 January 2021, the payment rate will be $1,200 per fortnight for all eligible employees who, in the four weeks before 1 March 2020, were working in the business for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $750 per fortnight for employees who were working in the business for less than 20 hours a week on average and business participants who were actively engaged in the business less than 20 hours per week in the same period.
  • From 4 January 2021 to 28 March 2021, the payment rate will be $1,000 per fortnight for all eligible employees who in the four weeks before 1 March 2020, were working for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $650 per fortnight for employees who were working for less than 20 hours a week on average and business participants who were actively engaged in the business for less than 20 hours per week in the same period.

The ATO is administering the JobKeeper Payment and detailed information and guidance on JobKeeper is available on the ATO website.

WE ARE HERE TO HELP

Our team at Gerard Wilkes & Associates are here to help. If you have any questions regarding this article, or would like to discuss your taxation matters further, please contact us at https://www.wilkes.com.au/contact-us/ or call our office 07 5532 1733.

Article referenced from: https://treasury.gov.au/coronavirus/jobkeeper

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