Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees.  Affected employers will be able to claim a fortnightly payment of $1500 per eligible employee from 30 March 2020, for a maximum period of 6 months.

 

Employers will be eligible for the subsidy if:

  • Their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 percent relative to a comparable period a year ago (of at least a month) and
  • The business is not subject to the Major Bank Levy
  • The employer must have been in an employment relationship with eligible employees as at 1 March 2020, and confirm that each eligible employee is currently engaged in order to receive JobKeeper payments.
  • Not-for-profit entities (including charities) and self-employed individuals that meet the turnover tests that apply for businesses are eligible to apply for JobKeeper Payments.

How to Apply

Businesses with Employees
Initially, employers can register their interest in applying for the JobKeeper payment via the Australian Taxation Office from 30 March 2020.
Subsequently, eligible employers will be able to apply for the scheme by means of an online application.  The first payment will be received by employers from the ATO in the first week of May
Eligible employers will need to identify eligible employees for JobKeeper Payments and must provide monthly updates to the ATO.
Participating employers will be required to ensure eligible employees will receive, at a minimum, $1,500 per fortnight before tax.
It will be up to the employer if they want to pay superannuation on any additional wage paid because of the JobKeeper Payment.
Further details for businesses for employees will be provided on ato.gov.au

Businesses without employees
Businesses without employees, such as the self-employed, can register their interest in applying for JobKeeper Payment via the ATO from 30 March 2020
Businesses without employees will need to provide an ABN for their business, nominate an individual to receive the payment and provide that individual’s Tax File Number and provide a declaration as to recent business activity.
People who are self-employed will need to provide a monthly update to the ATO to declare their continued eligibility for the payments.
Payment will be made monthly to the individual’s bank account.

Read the full story here

 

X

Forgot Password?

Join Us