ATO JobKeeper Stimulus Package Update

ATO JobKeeper Stimulus Package Update
31
Mar

The stimulus measures and changes keep coming thick and fast from the Government. The latest is the Job-Keeper Payment – an overview for you below:

  • Designed to keep employees attached to their employer rather than on the Centrelink queue.
  • To be eligible your business will have suffered a turnover reduction of 30% or more when compared to a relative period last year (self-assessed we believe).
  • Payments of up-to $1,500 per fortnight per employee who was employed by the business prior to 1 March 2020.
  • Payments will flow for a maximum period of 6-months.
  • Will be controlled by the Single Touch Payroll system.
  • The inclusions on this measure are wider than the previous ones. Now including casuals, sole traders and self-employed without employees (we expect more information to come on how this applies to trusts with no employees etc).
  • There are specific requirements (like casuals must have been employed for 12-months or more and the payments do not start until May) to consider and some changes are possible.

The best thing to do is “pre-register” now and the ATO will then keep you informed as the measure progresses: https://www.ato.gov.au/Job-keeper-payment

Please click here to download the official fact sheet which helps to eliminate the media confusion. If you have any queries please don’t hesitate to contact us.

We will be updating the site with updates as they are received.

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