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Accountplan Update – Federal Government Job Keeper Allowance

Accountplan Update – Federal Government Job Keeper Allowance

The Federal Government have announced a $130B package to assist Australian Businesses retain their staff via a wage subsidy program.  The key points as they are known at this point are listed below:

  • Up to $1,500 per fortnight payment per employee (this is not means tested)
  • Business are legally required to keep employees on their books to be entitled to the allowance
  • Business applying for the allowance will have to prove that they have suffered a reduction in sales:
    –           50% for those with a turnover greater than $1 Billion
    and at least 30% for all other businesses
  • The allowance will apply to:
    –           full-time workers
    –           part-time workers
    –           sole traders
    –           and casual workers who have been with their employer for more than 12 months
  • Workers will need to have been employed before 1 March 2020 to be eligible
  • New Zealanders living in Australia on 444 visas will be eligible for the payment through their employers
  • Payments will commence from the first week of May 2020 & will be back dated to 30 March 2020
  • Payments will be available for employees terminated after 1 March 2020

The payments will be managed through the ATO so you won’t have to register with any other government agency.  To register your interest for updates on the payment please use the following link: https://www.ato.gov.au/general/gen/JobKeeper-payment/

As always if you or your business are experiencing financial stress please know that we are here to help guide you through some of the options that may be available to you – including those outlined above.

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