Extension of the JobKeeper payment
It was welcome news that the government has announced the JobKeeper Payment scheme will be extended by six months until 28 March 2021, doubling the length of the initial scheme.
However payments have been reduced and business eligibility will be reassessed:
- The rate will reduce from $1,500 per fortnight to $1,200 or $750 depending on the hours eligible employees worked in February 2020
- From 4 January 2021 it will reduce again to $1,000 or $650 per fortnight, again, depending on hours worked in February 2020
- Turnover is retested each quarter to ensure businesses remain eligible. To be eligible for the first round, a reduction in turnover will need to be shown for the June and September quarters based on prior year.
JobKeeper 2.0 is yet to be legislated but we expect it will be passed into law in late August at which time the finer details will be known.
We will be in touch with all clients currently receiving support in respect of their JobKeeper requirements to ascertain if they continue to be eligible ensuring that they do not miss out on this important stimulus measure.
From builders to pharmacies, medical clinics to dental practices, Notch Above Bookkeeping has your business bookkeeping covered. If you have questions in relation to eligibility and reporting requirements for the JobKeeper Payment scheme, read more on the ATO’s website or call our team on 1300 015 130 for specific advice regarding your business.