COVID-19 - Update 6 April 2020 - JobKeeper Payments
Aegis Business Services is here to support you!
Further updates - Hot off the Press – the fact sheets available from the Treasury Website for the JobKeeper Payment assistance have been updated yet again. It is great to see how agile the Government are being at listening to the different scenarios in this current business climate and working hard to support each and every one of them.
Below is a summary of the main points, but there are links to the four detailed fact sheets that I urge you to take the time to read
Again, please remember this is still to be legislated!
- Commencement date is 30 March 2020 or anytime following this date, with the first payment received by employers in the first week of May 2020.
- Final payment will be available for the period ended 27 September 2020.
- Payment by the ATO is made in arrears on a monthly basis – if your cashflow is unable to pay your employees the minimum requirement of $1,500 before tax per fortnight per the usual payrun period, it is suggested that your bank may assist you knowing that the JobKeeper payment is pending.
- Only turnover generated from Australian based sales will be included in the calculation for proving the eligibility of reduced income.
- If you wish to participate in the JobKeeper Payment scheme you are invited to register your interest to receive the updated information and how to participate once it is available. - https://www.ato.gov.au/general/gen/JobKeeper-payment/
- If your business turnover decreases from the Quarter 3 BAS 2020 period compared to 2019 Quarter 3 BAS period does not genuinely prove the 30% decrease, the Tax Commissioner will have the discretion to consider additional information.
- If you do not report through Single Touch Payroll, you can still claim the JobKeeper Payment; however there will be a manual process claim.
- 2 new criteria for employees (beyond being an Australia Citizen):
- Holder of Permanent visa
- Special Category (Subclass 444 ) Visa Holder
and a resident for Australian tax purposes on 1 March 2020
Link updated Factsheet: https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet_supporting_businesses_0.pdf
Link Updated Factsheet for Employers: https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet_Info_for_Employers_0.pdf
Link updated Factsheet for Employees: https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet_Info_for_Employees_0.pdf
We will continue to send through relevant updates as received but please remember we are available to answer any questions you may have regarding your specific circumstances.
The Team at Aegis Business Services