The Treasurer has now released the rules governing the JobKeeper scheme
The JobKeeper Payment is a wage subsidy that will be paid through the Australian Taxation Office (ATO) to eligible businesses impacted by the Coronavirus.
Under the scheme, eligible businesses will receive a payment of $1,500 per fortnight per eligible employee and/or for one eligible business participant (i.e., an eligible sole trader, partner, company director or shareholder or trust beneficiary).
The subsidy will be paid for a maximum period of six months (i.e., from 30 March 2020 up until 27 September 2020). It will be paid to eligible businesses monthly in arrears, with the first payments to employers commencing from the first week of May 2020.
The JobKeeper Payment will ensure that eligible employees and, where applicable, eligible business participants receive a gross payment before tax of at least $1,500 per fortnight for the duration of the scheme.
From the 20th of April 2020, registrations for the JobKeeper payment can commence through the ATO. Timing your registration is essential if you wish to receive the first two fortnights payments. Registration must occur by the 26th of April 2020 to ensure the receipt of the early May JobKeeper payments. Failure to register by this date will delay your payments.
A few questions you may have about the JobKeeper Subsidy
- Are you an eligible to receive JobKeeper as an employer?
- Are your staff eligible employees under the scheme?
- How do you work out the decline in business turnover?
- What if employees have been paid less than $1,500 per fortnight prior to Jobkeeper?
- Does the payment apply where you are a business owner that does not employ staff?
- What about new businesses?
There are many complexities around the JobKeeper payment, and making sure you have the right information is vital.
What to do now?
Due to the complexities and various supplement measures currently available from the Australian Government, we strongly recommend you speak with us so we can assist with the necessary registration for JobKeeper, assess the eligibility of you and your employees and ensure you are receiving the maximum benefits you are entitled to.
The JobKeeper Scheme is the largest financial lifeline package to pass Parliament in Australia’s history, and making sure you have the best possible advice is essential.
Contact us on today and let us assist you through this complex process, and ensure you receive every benefit you are entitled to. Don’t delay, please call (07) 3512 8888 and book your appointment today.
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