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JobKeeper 2.0

The JobKeeper payment has been extended until March 2021.

The JobKeeper payment was due to end at the end of September, but this week the Government has announced a six month extension until March 2021, with a reduced payment amount and eligibility reassessment milestones. So what does this mean for businesses currently receiving support?

28 September 2020 to 3 January 2021

Eligibility for the payment will be reassessed in September. Businesses and not-for-profits who claim JobKeeper will be required to demonstrate how their business has continued to suffer a decline in turnover, using actual GST turnover in the June and September 2020 quarters.

The $1500 fortnightly payment rate will reduce to $1200 from 28 September 2020. Employees and eligible business participants working less than 20 hours will receive a further reduced rate of $750.

4 January 2021 to 28 March 2021

From 4 January 2021, businesses will again be required to reassess their turnover in order to be eligible for JobKeeper payments. They will be required to demonstrate a decline in turnover in the June, September and December 2020 quarters to maintain eligibility.

The $1200 fortnightly payment rate for eligible employees will reduce to $1000 from 4 January 2021. The payment rate for those working less than 20 hours will reduce to $650.

Decline in Turnover

To remain eligible, businesses with an turnover or more than $1billion will need to have experienced a decline of 50%. Businesses with a turnover of less than $1billion will need to have a 30% decline. Certain Australian charities and not-for-profits will need to demonstrate a 15% decline.

The other rules surrounding the JobKeeper payment remain unchanged. You can read more about the changes here.

Pender Accounting Group offers tailored advisory services to our business clients. Partnering with you throughout the process, we offer specialised services to give peace of mind, putting individual and corporate wealth creation front of mind. Get in touch to arrange an advisory consultation.

Category iconAdvisory,  ATO,  Business,  News

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Contact us today and let’s talk about your future financial security.

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Pender Accounting Group

Contact us today and let’s talk about your future financial security.

07 3050 7142

info@penderacg.com.au

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