The Government has extended the JobKeeper payment by a further six months up until March 2021, to support those businesses battling through the COVID-19 pandemic.
With the original JobKeeper stimulus package of $1500 per fortnight due to run out on 27 September of this year, a reduced amount has been introduced and will be available to eligible businesses and not-for-profits until 28 March 2021.
The new payment rates of $1200 per fortnight begin on 28 September, with the rate dropping to $1000 per fortnight from 4 January 2021. Lower payment rates will apply for employees that worked less than 20 hours per week in the relevant period.
Businesses and not-for-profits seeking to claim the JobKeeper Payment will be required to demonstrate that they have suffered a decline in turnover using actual GST turnover (rather than projected GST turnover). From 4 January 2021, businesses and not-for-profits will need to further reassess their turnover to be eligible for the JobKeeper Payment.
Find more information on the eligibility rules for businesses and not-for-profits and their employees here.
Alternatively, get in touch with the Byrnes Accounting team to discuss your own individual or business circumstances.