The Federal Government’s response to COVID-19 has shifted in the past few weeks, leaving some businesses understandably confused about the support they’re able to access going forward. Here is a brief overview of changes that have been made:
The availability of the JobKeeper Payment has been extended until 28 March 2021, however changes have been made to differentiate payments for those who work or participate in a business for more than 20 hours vs those who don’t. Additionally, payments will be reduced over time (see the table below)
|Working / participating in the business LESS than 20hrs per week of the relevant pay period||Working / participating in the business MORE than 20hrs per week of the relevant pay period|
|Current||$1500 per fortnight||$1500 per fortnight|
|28 September 2020 to 3 January 2021||$750 per fortnight||$1,200 per fortnight|
|From 4 January 2021 to 28 March 2021||$650 per fortnight||$1,000 per fortnight|
From 3 August 2020, the JobKeeper payment will be available to people who have been employed since 1 July 2020.
To be eligible for the JobKeeper Payment from 28 September 2020 to 3 January 2021, businesses and not-for-profits will need to demonstrate they met the relevant decline in actual GST turnover in the September quarter 2020.
To be eligible for the JobKeeper Payment from 4 January 2021 to 28 March 2021, businesses and not-for-profits will need to demonstrate that they met the relevant decline in the December quarter 2020
The required decline in turnover is:
• 50% for those with an aggregated turnover of more than $1 billion;
•30% for those with an aggregated turnover of $1 billion or less; or
•15% for Australian Charities and Not for profit Commission-registered charities (excluding schools and universities).
You can find more details about how the JobKeeper Payment works here.
Assistance for Your Business
COVID-19 is presenting businesses with new challenges every day that require flexible thinking and fast action.
At the Ayers Group we can free you up from managing administrative and financial obligations so you have time to focus on protecting your organisation and employees from new threats. Our extensive services range from tailored back office payroll management through to migration solutions.
Call on an expert from the Ayers Group today to find out more about how we can provide the resources you need, and free you up for growth and success.
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