How to Make The Most Of The JobKeeper Scheme
With the business landscape shifting so rapidly, Team 180 wants to do what we can to help communicate the latest developments and offer resources for you and your business during the COVID-19 pandemic.
On Monday, Prime Minister Scott Morrison and Treasurer Josh Frydenberg revealed details of the new JobKeeper payments, which will start flowing to eligible employers and employees from the first week of May 2020. Affected businesses will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a period of 6 months.
Here you will find a how-to guide on determining your eligibility and steps you must follow to take full advantage of this scheme for your business.
What businesses are eligible?
All Australian businesses will be eligible if their annual turnover is expected to be reduced by more than 30% in the current financial year, as a direct result of COVID-19, contrasted to a comparable period in the previous financial year.
Not-for-profit organisations (including charities) and self-employed individuals that meet the turnover tests that apply for businesses are also eligible to apply for JobKeeper Payments.
What employees are eligible?
All employees as of 1 March 2020 of at least 16 years of age, that are:
Full-time/Part-time/Long-term casuals (on the books for longer than 12 months)
They must be an Australian citizen, the holder of a permanent visa or a Special Category (Subclass 444) Visa Holder and not in receipt of a JobKeeper payment from another employer.
How can businesses apply?
As of 30th March 2020, all employers can register their interest in applying for the JobKeeper Payment via ato.gov.au or by clicking the box below.
Subsequently, you will need to complete an online application that will be reviewed by the Australian Tax Office and continue to provide monthly updates on your business activity.
For Businesses with Employees:
Participating employers will be required to ensure eligible employees will receive, at a minimum, $1,500 per fortnight, before tax. It will be up to the employer's discretion if they choose to pay superannuation because of the payment.
For Sole Traders:
Participating businesses will need to provide their ABN, nominate an individual to receive the payment and provide their Tax File Number as well a declaration on all recent business activity.
For further information about the support available for individuals and businesses impacted by COVID-19, see here.
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