JobKeeper Payment Extension
The Government have announced that they will extend JobKeeper by 6 months to 28 March 2021.
Key points:
- The scheme will continue to apply to businesses with employees AND businesses without employees (such as the self-employed, sole traders)
- If a business does not meet the additional turnover tests for the extension period, this does not affect their eligibility prior to 28 September 2020
- The JobKeeper Payment will continue to remain open to new recipients, provided they meet the existing eligibility requirements and the additional turnover tests during the extension period
- The fortnightly rate will be reduced from $1,500 to:
- $1,200 from 28 September 2020 to 3 January 2021
- $1,000 from 4 January 2021 to 28 March 2021
- Lower rates will apply to employees and eligible business participants who work fewer than 20 hours per week:
- $750 from 28 September 2020 to 3 January 2021
- $650 from 4 January 2021 to 28 March 2021
- Eligible businesses will have to suffer the requisite decline (generally 30%, no change to the percentages) based on actual GST turnover (rather than projected GST turnover) to remain eligible:
- From 28 September 2020 to 3 January 2021, based on actual GST turnover in both the June 2020 and September 2020 quarters
- From 4 January 2021 to 28 March 2021, based on actual GST turnover in each of the June 2020, September 2020 and December 2020 quarters
Basically, if you continue to show the requisite decline in turnover each quarter you will remain eligible.
Source: https://treasury.gov.au/sites/default/files/2020-07/Fact_sheet-JobKeeper_Payment_extension_0.pdf
