Job Keeper Extension

Businesses
The Government's jobkeeper payment, which was originally due to finish in September 2020, has now been extended & will be available to eligible businesses until up to March 2021.
 
From 28 September 2020, businesses are required to reassess their eligibility with reference to their actual GST turnover in the June 2020 and September 2020 quarters and demonstrate that they have suffered an ongoing significant decline using the actual GST turnover details (rather than projected GST turnover).  If businesses can prove they have suffered a decline they will be eligible for JobKeeper Payments from 28 September 2020 to 3 January 2021. 
 
From the 4 January 2021 businesses must once again reassess their eligibility for JobKeeper payments for the period 4 January 2021 to 28 March 2021 and prove they have suffered a decline in turnover during the June 2020, September 2020 and December 2020 quarters.

Employees
The eligibility for all employees remain unchanged, however the amount of JobKeeper payments will change as follows.

  • The current payment rate of $1,500 per fortnight for eligible employees and business participants is set to be reduced to $1,200 per fortnight from 28 September 2020 for all eligible employees who, in the four pay periods before 1 March 2020 were working more than 20 hours a week on average.

  • Reduce to $750 per fortnight for all other eligible employees and business participants.

  • The rate will then be reduced further from 4 January 2021 to $1,000 per fortnight for all eligible employees who, in the four pay periods before 1 March 2020 were working more than 20 hours a week on average.

  • Further reduce to $650 per fortnight for all other eligible employees and business participants.

For further information please click here.

Paul AbercrombieAbercrombie Accounting GroupComment