JobKeeper extended and revised
The $70 billion JobKeeper program has been providing many employers with wage subsidies of $1500 per fortnight per employee since 30 March 2020.
The program was to end in September 2020, but is expected to be extended because of the ongoing impacts of the COVID-19 pandemic.
While details are yet to be provided, the Federal Government is expected to:
- extend JobKeeper to March 2021;
- limit JobKeeper eligibility to only businesses whose turnover remains below the relevant threshold (currently, employers only need to meet the threshold in one month or quarter, not on an ongoing basis);
- reduce the amount of the JobKeeper subsidy employers receive for each full-time employee;
- create a second-tier (lower) subsidy amount for part-time employees
We will provide a further update once the Government announces the details.
You might be also interested in...
Employment & Workplace Relations | 10 Jul 2020
Surviving COVID-19 may require a restructure of operations for many Australian businesses and the implementation of cost-saving measures, including redundancies. But what happens if a business doesn’t have the cashflow to pay the redundancy entitlements? Our Employment team explores this possibility and what businesses can do
JobKeeper | 9 Apr 2020
While a business that meets the eligibility criteria may be entitled to a JobKeeper Payment of $1,500 per fortnight for each eligible employee, it’s not as simple as it sounds. Our Tax team discusses what we know, how to apply, and what questions still remain.