From 28th September changes come into effect regarding eligibility and payment processes.
An amendment Act has been passed which will see JobKeeper payments extended by a further six months to 28 March 2021 for eligible businesses, self-employed and not-for-profits who have been significantly impacted by the coronavirus pandemic.
To qualify for the first JobKeeper payment extension period of 28 September 2020 to 3 January 2021, businesses will need to demonstrate that their actual GST turnover has fallen during the September quarter 2020 (July, August, September) relative to the corresponding period in the previous year, rather than projected.
Likewise, to continue to be eligible for the 4 January to 28 March 2021 extension period, businesses will need to show a significant loss, demonstrating that their actual GST turnover has fallen in the previous quarter (October, November, December).
Payments will be made in two tiers.
From 28 September 2020 – 3 January 2021, business owners and employees working for 20 hours or more per week in the four weekly pay periods before the reference period, will receive $1,200 per fortnight. Those working less than 20 hours per week during the same period will receive $750 per fortnight.
From 4 January 2021 – 28 March 2021, business owners and employees working 20 hours or more per week in the four weekly pay periods before the reference period, will receive $1,000 per fortnight. Those working less than 20 hours per week during the same period will receive $650 per fortnight.
If you need help to access the JobKeeper scheme, contact TaxAssist Accountants for more information.
Last updated: 16th September 2020
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