As you may have heard the Federal Government has today formally announced a softening of the JobKeeper tests and eligibility requirements for the second period of the stimulus. We still expect several changes and more detail to become available between now and Sept 27/28th. A quick update of the news confirmed today to keep everyone in the loop:
June quarter will no longer be a test period for the 30% turnover decline test.
September quarter will now be the stand-alone test period (vs Sept quarter 2019).
The employee test will now be extended to employees who began employment with a company on or before 1 July 2020 (was March 2020).
Payment rates will decrease as previously stated to either $1,200 or $750 per fortnight from $1,500.
No other changes from the initial announcement in July. We would expect more detail on “alternative tests” soon though.
Ideally a business will need to assess its eligibility before the end of September to manage the employee payment process from 28 Sept on-wards. Not ideal we understand.
We have attached the actual Treasury Fact Sheet for accurate detail, which you can click here to download; however please contact our staff to discuss the application that is specific to you.