An announcement was made yesterday on the Federal Government Stimulus Package to include a new JobKeeper Payment for eligible businesses to help Australians keep their jobs and businesses continue to maintain their employees. This payment comes in the form of $1,500 per fortnight per employee for up to six months, which is a huge help to many businesses during this time.
This article will help you determine your eligibility for this subsidy for both your business and your employees.
Are You Eligible as a Business?
This subsidy is available for employers if:
- Your business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or
- our business has a turnover of $1 billion or more and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month); and
- The business is not subject to the Major Bank Levy.
If you are self-employed and have experienced or expect to experience a 30% decline in turnover relative to a comparable prior period (of at least one month), you are also eligible for this subsidy.
As an employer, you must elect to participate in this scheme by applying to the Australian Taxation Office (ATO) via their official website and demonstrating the downturn in your business. You will also be required to report the number of eligible employees employed on a monthly basis.
Are Your Employees Eligible?
If your business is eligible for this subsidy, then each employee that was on your books on 1 March 2020 and who continue to be engaged by you as their employer will be eligible. This includes employees who are:
- Full time;
- Part time;
- Long term casuals who have been with your business on a regular basis for at least the last 12 months at the time of 1 March 2020; and
- Stood down employees.
The employee must also be an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder.
How Will Payments Work?
If you are eligible, you will receive a payment of $1,500 per fortnight per eligible employee monthly in arrears by the ATO. You are able to then top up the $1,500 per fortnight before tax payment for your employee.
This subsidy started as of 30 March 2020, with the first payment to be received in the first week of May.
For more information on the JobKeeper Payment Subsidy refer to the fact sheet released by the Government or please contact us by emailing email@example.com or calling our office on 07 3367 3155.
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