The Australian Government has announced (as at 30 March 2020) that it will provide businesses affected by the Coronavirus a payment of $1,500 per fortnight per eligible employee for a period of 6 months. This is to assist employers continue to keep people in their jobs.
Who can access this payment
Employers will be eligible if;
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their 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
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their 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
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the business is not subject to the Major Bank Levy.
The employee must have been working for the employer as at March 1, 2020. Even if the employee has been stood down after this date, the employer will be eligible if they agree to rehire the employee into their role.
How can I access this payment
To access this payment, an eligible employer must;
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Register their intention to apply via the ATO and assess that they’re likely to have a decline or have a decline in revenue
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Provide information about the number of employees to the ATO
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Ensures that each eligible employee receives, at least, a payment of $1,500 per fortnight, before tax.
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Notify the eligible employees that they’re receiving the JobKeeper payment
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Continue to report to the ATO on a monthly basis.
JobKeeper Payments and Self-employed
Self-employed persons could be eligible to receive the JobKeeper payments. To qualify, you must;
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Register your interest from 30 March 2020 via the ATO
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Provide the ATO with your Tax file number and a declaration of business activity. This has to be updated monthly.
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Funds will be paid into the bank account.
