The latest government announcement has unveiled a $1,500 per fortnight JobKeeper payment available to businesses who are experiencing a significant reduction in income due to COVID 19 which will enable them to continue to pay their employees.
This $1,500 payment per employee will be available to businesses including Companies, Trusts, Partnerships, Sole Traders and Not-for-profits. This is also available to the self-employed.
There are two levels of eligibility; for employers and employees.
Eligible employers are those with:
- Turnover less than $1billion and have experienced a reduction in turnover of more than 30%; or
- Turnover of $1billion or more and have experienced a reduction in turnover of more than 50%; and
- Are not subject to the Major Bank Levy.
Eligible employees are those who:
- Were employed by an eligible employer at 1 March 2020; and
- Are currently employed by that employer (including those who have been stood down or re-hired); and
- Are full time, part-time, or long-term casuals (a casual employee employed on a regular basis for 12 months as at 1 March); and
- Are at least 16 years of age; and
- Are an Australian citizen, hold a permanent visa, are a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder; and
- Are not in receipt of a JobKeeper Payment from another employer.
Employees who received the JobKeeper payment will not be eligible for JobSeeker payments.
Self-employed are eligible for the JobKeeper payments if they satisfy the eligibility criteria.
Sole traders with no employees are able to access the JobKeeper payments provided they satisfy the eligibility criteria.
These payments will be for a maximum of 6 months and will commence 30 March 2020 with businesses receiving this money the first week in May. Businesses are able to register their interest to participate on the ATO website. Click here for more details.
More information about JobKeeper Payment click here.
More information for employers click here.
More information for employees click here.