As you are aware the Government support to business changes daily. You have probably seen today (March 30th) the Australian Federal Government released its latest support package to help businesses to retain and pay staff for the 6 months.
- The payment will be paid to employers, for up to six months, for each eligible employee that was on their books on 1 March 2020 and is retained or continues to be engaged by that employer.
- Where a business has stood down employees since 1 March, the payment will help them maintain connection with their employees.
- Employers will receive a payment of $1,500 per fortnight per eligible employee.
- Every eligible employee must receive at least $1,500 per fortnight from this business, before tax.
- The program will commence today, 30 March 2020, with the first payments to be received by eligible businesses in the first week of May as monthly arrears from the Australian Taxation Office.
- Eligible businesses can begin distributing the JobKeeper payment immediately and will be reimbursed from the first week of May.
- Eligible employers will be those with annual turnover of less than $1 billion who self-assess that have a reduction in revenue of 30 per cent or more, since 1 March 2020 over a minimum one-month period.
- Employers with an annual turnover of $1 billion or more would be required to demonstrate a reduction in revenue of 50 per cent or more to be eligible. Businesses subject to the Major Bank Levy will not be eligible.
- Eligible employers include businesses structured through companies, partnerships, trusts and sole traders.
- Not for profit entities, including charities, will also be eligible.
- Full time and part time employees, including stood down employees, would be eligible to receive the Job Keeper Payment.
- Where a casual employee has been with their employer for at least the previous 12 months they will also be eligible for the Payment.
- An employee will only be eligible to receive this payment from one employer.
- Eligible employees include Australian residents, New Zealand citizens in Australia who hold a subclass 444 special category visa, and
- Eligible employees also include migrants who are eligible for the JobSeeker Payment or Youth Allowance (Other).
- Self-employed individuals are also eligible to receive the JobKeeper Payment.
- The Government will provide updates on further business cashflow support in coming days.
To register your business’ interest with the ATO click here
Need Some Help?
Please contact me 0416 629 509 if you have any questions or require assistance to ensure your business makes it through the COVID-19 crisis and ready to take advantage of the opportunities when we start to return to “normal”
May you and your families stay safe during this difficult time.
The A Firm Team