The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.
The Government will provide $1,500 per fortnight per employee connected to an eligible employer as at 1 March 2020, for the period 30 March 2020 to 27 September 2020. Employers (including not-for-profits) will be eligible for the subsidy if, at the time of applying:
• their business has an aggregated turnover of less than $1 billion (for income tax purposes) and they estimate their turnover has fallen or will likely fall by 30 per cent (or 15% for charities registered with the ACNC) or more; or
• their business has an annual turnover of $1 billion or more (for income tax purposes) and they estimate their turnover has fallen or will likely fall by 50 per cent or more; and
• their business is not subject to the Major Bank Levy.
The JobKeeper Payment will support employers to maintain their connection to their employees and will enable such businesses to reactivate their operations quickly when the crisis is over, without having to rehire staff.
A link to the JobKeeper section of the Treasury’s website can be found here.< Back to blog