The PM announced further support for Business.
If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees & keep your staff for when the crisis is over.
Under the JobKeeper program, you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months.
This also applies to businesses without employees such as the self-employed.
We don’t have all the answers as there are still many details to be finalised and is likely to change between now and its implementation (expected to pass through parliament 1-2 weeks time) but what we do currently know :
- In order to receive the JobKeeper Payment you need to ;
- Enroll your intention to apply for the payment via the ATO (we have done this for you)
- Register for the payment through a new ATO Portal (once available)
- Assess eligibility and report this information to ATO (i.e. Turnover downturn & employees as at 1 March 2020)
- Ensure each eligible employee receives at least $1500 per fortnight (before tax)
- Notify eligible employees that they are receiving the JobKeeper Payment
- Report required information to the ATO monthly to continue receiving the JobKeeper subsidy
- This is a special payment – it is not part of Ordinary Wages or STP & does not accrue Superannuation
- For employers operating within Single Touch Payroll (STP) reporting will be done automatically through this system & payment will be generated
- For employers not operating under Single Touch Payroll (STP), you may need to log into a separate JobKeeper portal each time you pay staff to report (hence you should get onto STP asap)