The Government has just announced a further update to JobKeeper 2.0.
Key changes and a recap for you are:
1. Business Turnover Test:
From 28 September businesses will need to demonstrate that actual GST turnover has fallen in September quarter 2020 (Jul, Aug, Sep) relative to a comparable period (generally corresponding quarter in 2019)
For the periods 4 January to 28 March 2021 businesses will need to demonstrate a decline in the December 2020 quarter (Oct, Nov, Dec) relative to a comparable quarter
The need to test against multiple prior quarters has been removed
2. Employee Eligibility:
Now applies to full-time, part-time or fixed term employee and long term casuals as at 1 July 2020
Effective 3 August 2020
JobKeeper will continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021 – you can test and pass any time until this date
The payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced to $1,200 per fortnight from 28 September 2020 and to $1,000 per fortnight from 4 January 2021
From 28 September 2020 lower payment rates will apply for employees and business participants that worked fewer than 20 hours per week in the relevant reference period
JobKeeper will continue to be paid in arrears (i.e. you pay your employees first, the ATO later reimburses you)
Alternative testing methods continue to apply
More information from Treasury here
As always, if you have any questions or need any help at all, please get in touch with one of the Sullivan Dewing team.