The Government announced a subsidy of $1,500 per fortnight per employee, administered by the ATO through the employer’s Single Touch payroll software from 1 May 2020. This will be available to businesses that have experienced a downturn of more than 30% from the prior year. To be a part of the subsidy, employers will need to ensure that their employees receive the $1,500 per fortnight.
It is likely, that in most cases, this is better for your employees than the previous offer run through Centrelink. For those of you who are employees, please stay in touch with your employer over the coming weeks to discuss their application process.
The following information is all we know at this stage. The details are yet to be finalised and the legislation must be passed by parliament.
Your Eligible employees are those who:
While it appears that businesses without employees can potentially qualify for JobKeeper Payments, it is not clear at this stage what conditions will need to be satisfied.
Sole traders and the self-employed with an ABN, and not-for-profits (including charities) that meet the turnover tests are eligible for the JobKeeper payment.
The ATO requests that all who intend to register for this payment register their interest at the following link: www.ato.gov.au/Job-keeper-payment
At this stage there is no further action required by employers. There are a number of issues and details that we do not know as yet until the legislation is released. These include:
We will bring you more information as soon as it is released.
C & H Accounting Group team
Victorian Business Support Fund, applications close 31/05/20
UPDATE: COVID-19 – JobKeeper Payments & Reporting
UPDATE: COVID-19 – SMSF Measures
UPDATE: COVID-19 – JobKeeper Payments & BV Support Grant
UPDATE: Coronavirus COVID-19 – individuals & business
Coronavirus COVID-19 – Minimise the effects on your business
Staff Christmas Break Up 2019
Merry Christmas & Happy New Year