There are an estimated 3.5 million Australians on the JobKeeper scheme, which aims to support job retention, maintain employment links and business cash flow and provide income support to eligible employees. The continuation of JobKeeper, it is hoped, will help support the economic recovery and provide sufficient time for employees and businesses to adjust.
Key changes are:
- The current payment of $1500 per fortnight for eligible employees and business participants will be reduced to $1200 per fortnight from 28 September, and $750 per fortnight for employees working less than 20 hours a week.
- From 4th January 2021, the rate will fall again to $1000 per fortnight, and $650 for people working less than 20 hours a week.
- The program will run to 28 March 2021.
- From 28th September 2020, businesses and not-for-profits will be required to reassess their eligibility by reference to their actual June and September quarter turnovers to demonstrate that they have suffered an ongoing significant decline in turnover. Organisations will need to demonstrate that they have experienced the relevant decline in turnover in both of those quarters to be eligible for the JobKeeper Payment in the December quarter.
- Employers will need to again reassess their eligibility for the JobKeeper Payment for the March Quarter. Employers will need to demonstrate that they have met the relevant decline in actual turnover in each of the previous three quarters ending on 31 December 2020 to remain eligible for the JobKeeper Payment in the March quarter 2021.
- The JobKeeper Payment will continue to remain open to new participants that meet the eligibility requirements.
Mr Morrison also announced changes to the JobSeeker scheme. The unemployment benefit will be reduced from $1115 a fortnight to $815 from the end of September.
The temporary Coronavirus Supplement for those on income support will be extended until 31 December 2020.
Call in at your local TaxAssist Accountants for help and advice with any of the above.
Last updated: 21st July 2020
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