This week, the Government announced it will be extending the JobKeeper Program from 28 September 2020 until 28 March 2021. The extended program will continue to operate post 28 September 2020 in a modified form to support those businesses who continue to be significantly impacted by the Covid-19 Pandemic.
Eligible businesses will be required to reassess their eligibility in two stages:
1. Based on June 2020 Quarterly and September 2020 Quarterly income to receive payments for the period 28 September 2020 to 3 January 2021.
2. Based on December 2020 Quarterly income (in addition to the above quarters) to be eligible to receive payments for the period 4 January 2021 to 28 March 2021.
To be eligible, the GST Turnover must continue to have declined by the same required percentage (15%, 30% or 50%) over the comparable period for each stage:
1. The June 2020 Quarter and September 2020 Quarter; and then2. The June 2020 Quarter, September 2020 Quarter and December 2020 Quarter.The JobKeeper payment rates will also be adjusted across each stage with a different rate applying to part-time employees working less than 20 hours per week.
1. From the 28 September 2020 the JobKeeper subsidy will reduce to $1,200 a fortnight for full-time workers and $750 a fortnight for those who work less than 20 hours per week.
2. From 4 January 2021 the rates will reduce again to $1,000 per fortnight for full-time workers and $650 for those who work less than 20 hours per week.
If you need any assistance or clarification on any of the above, please contact our office.
Finally, thanks to Chartered Accountants Australia and New Zealand for the great infographic outlining the changes.