JobKeeper Payment Scheme
Yesterday the Federal Government announced what they are calling the JobKeeper Payment to support businesses significantly affected by the Coronavirus crisis and to help keep Australians employed.
The main features of the scheme are as follows:
- Eligible employers will receive a payment of $1,500 per fortnight for eligible employees, starting from 30 March for 6 months.
- Employers with a turnover of less than $1 billion will be eligible if turnover has reduced by at least 30% compared to a comparable period, of at least a month, a year ago.
- Employers with a turnover of more than $1 billion will be eligible if turnover has reduced by at least 50% compared to a comparable period, of at least a month, a year ago.
- The employer must have been in an employment relationship with eligible employees as at 1 March 2020 and each eligible employee must be currently engaged in order to receive JobKeeper Payments.
- Employers can claim the JobKeeker payment for employees that have been stood down (not terminated) but they need to pass the payment on to those employees.
- Not-for-profit entities and self-employed entities (businesses without employees) that meet the turnover tests that apply for businesses are eligible to apply for JobKeeper Payments.
- The payments will be delivered through the ATO. Employers will be required to register an intention to apply on the ATO website and show that they have or will experience the required turnover decline.
Please refer to the attached Fact Sheet, which provides more detail.
If you believe you are eligible for the JobKeeper Payment, please contact our office. We will assist you in the application process.
State Government Business Support Fund
Last week we brought to your attention a $500M hardship fund that the Victorian State Government was established to assist Victorian businesses that were most severely impacted by the Coronavirus crisis. This fund has been called the Business Support Fund.
The State Government have now announced that this support will take the form of funding of $10,000 per business to small businesses that employ staff, have a turnover of more than $75,000, a payroll of less than $650,000 and have been subject to closure or are highly impacted by Victoria’s shutdown restrictions. Businesses will need to provide a copy of their most recent Business Activity Statement (BAS). Applications can be made through the link below:
Once again, if you believe you are eligible for this assistance, please contact our office and we will assist you with the application process.
Payroll tax relief to support businesses
Businesses with annual Victorian taxable wages up to $3 million will have their payroll tax for the 2019-20 financial year waived.
Eligible businesses must continue to lodge returns but do not need to make further payments for this financial year.
The State Revenue Office will directly contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year.
These businesses can also defer paying payroll tax for the first quarter of the 2020-21 financial year.
If you have not yet applied for reimbursement via PTX Express, please take the following steps to ensure SRO can process any reimbursement you are eligible for as soon as possible.
More information about the administration of these relief measures will be sent directly to eligible businesses.
For more information about Government Stimulus Package please refer to our website and previously sent Newsletters.
Please do not hesitate to contact our office if you have any queries in relation to the above measures or any of the other Government support measures that have been announced in the past few weeks. We also have a summary of all the Government support measures on our website.