JobKeeper Payment – Update 2
Treasury has updated their JobKeeper fact sheets (again) yesterday and have provided some more detailed information about the scheme.
Parliament is sitting tomorrow (Wednesday 8 April 2020) and the bill to enable the JobKeeper scheme will be introduced along with the explanatory memorandum (EM). This will be the first chance we have to see the actual law and gain an understanding of the details of its operation. I will provide an update when we have reviewed the bill and EM.
- Jobkeeper payment available from 30 March 2020 until 27 September 2020.
- Payment available for each eligible employee (full time, part time, casual > 12 months service) who was employed at 1 March 2020 and is currently employed by the business including those stood down or rehired.
- Payments to be made by ATO monthly in arrears, first payment in the first week of May.
- To eligible business has to estimate that their turnover has fallen or will likely fall by 30% or more (for those with less than $1billion turnover).
- Turnover definition is turnover for GST purposes reported on Business Activity Statements.
- ATO to provide guidance on how to estimate future turnover.
- If the business is not eligible at 30 March but subsequently becomes eligible it will be entitled to payments from when it becomes eligible. Payments are not back dated to the start of the scheme.
- Sole traders are able to apply.
- One working partner of a partnership can be nominated to receive Jobkeeper payment.
- One working beneficiary of a trust can be nominated to receive Jobkeeper payment.
- One working director of a company can be nominated to receive Jobkeeper payment.
- One working shareholder of a company can be nominated to receive Jobkeeper payment.