April 2, 2020 12:54 pm
The Federal Government introduced a third COVID-19 support package of $130 billion on 30 March 2020. The package includes additional support for businesses, including a new JobKeeper payment to help businesses retain employees.
Businesses who have been affected by COVID-19 may be able to receive a Government subsidy to help them continue to pay their employees. To be eligible, employers must:
- Have more than a 30% reduction in their turnover for at least a month compared to last year if the business has an overall turnover of less than $1 billion.
- Have more than a 50% reduction in their turnover for at least a month compared to last year if the business has an overall turnover of $1 billion or higher.
- Not be subject to the Major Bank Levy.
- Have been in an employment relationship with eligible employees as at 1 March 2020.
JobKeeper payments must only be made to eligible employees, which are employees who:
- Are under current employment with the employer.
- Were already employed by the employer on 1 March 2020.
- Are employed on a full-time or part-time basis, or are a long-term casual who has been employed on a regular basis for over 12 months as at 1 March 2020.
- Are at least 16 years old.
- Have an Australian citizenship or are an eligible visa holder.
- Are not also receiving a JobKeeper payment from another employer.
To receive the JobKeeper payment, employers need to:
- Go onto the ATO website and register an intention to apply with an assessment stating they have or will experience the 30% turnover reduction.
- Provide the ATO with eligible employee information, including how many employees had been engaged as at 1 March 2020. This can be done using Single Touch Payroll data.
- Confirm that eligible employees each receive at least $1,500 per fortnight before tax.
- Notify eligible employees about receiving the Jobkeeper payment.
Categorised in: Business