JobKeeper Scheme extended and amended
JobKeeper Scheme extended and amended
JobKeeper extended until March 2021
The government has announced changes to the JobKeeper payment scheme, which will see it continue until March 2021.
The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants.
However, from 28 September the changes will apply.
There are several amendments that business owners need to be aware of, including different tiers of payment that apply over two separate time frames, as well as further eligibility tests. This means that some businesses currently receiving JobKeeper will no longer be eligible after 28 September, and others will continue to be eligible after 28 September, and others will continue to be eligible but will receive less subsidy from the government.
New Rates for 28 September 2020 to 3 January 2021
- $1,200 per fortnight - this rate applies to eligible employees and business participants who, in the four weeks prior to 1 March 2020, were working 20 hours or more per week.
- $750 per fortnight - this rate applies to employees and business participants who, in the four weeks prior to 1 March 2020, worked less than 20 hours per week.
New Rates for 3 January 2021 to 28 March 2021
- $1,000 per fortnight - this rate applies to eligible employees and business participants
- $650 per fortnight - this rate applies to employees and business participants who, in four weeks prior to 1 March 2020, worked less than 20 hours per week.
Business eligibility
To continue to receive JobKeeper payments, businesses will be required to prove an actual reduction in turnover of 30% or more for both the June and September quarters to continue to receive the subsidy from September 2020 to January 2021.
Businesses will then be required to again satisfy a reduction in turnover test for all three quarters of June, September and December, to receive the subsidy from January 2021 to March 2021.
The eligibility rules have not changed - check the ATO Eligible Employers webpage for details of proving reduction in turnover.
Businesses that have not satisfied the reduction in turnover tests in previous months can still enter the system any time upon meeting the eligibility requirements.
Plan now for the reduced rates
Although we have another couple of months before the changes apply, now is the time to start planning for the reduded JobKeeper rates, both for employees and business participants. We can help you assess your eligibility for remaining in the system beyond September 2020.
Talk to us about how the changes will affect your business operations and costs, and to update cash flow plans and budgets.
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Accounting & Advisory – Townsville
PH 07 4729 2222
Level 1, 250 Ross River Road
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