Will the JobKeeper Payment Scheme be extended?
The Federal Government have announced a proposed extension to the scheme until 28 March 2021.
Are there any changes to the payments?
The payments will now differ for full-time and part-time workers, however these changes will not be implemented until the end of September.
For full-time workers, or those working more than 20 hours a week, the $1500 per fortnight payment will be reduced to $1200 per fortnight. This will be further reduced to $1000 per fortnight on 3 January 2021.
Part-time workers, or those working less than 20 hours a week, will have their payments reduced from $1500 to $750 per fortnight. In early 2021 these will be further reduced to $650 per fortnight.
Are there any changes to the monthly reporting?
The hardship testing for businesses receiving the JobKeeper Payment scheme is still in place, but will become more frequent.
Currently, businesses with an aggregated turnover of less than $1 billion are required to declare 30% reduction in turnover, while businesses with a turnover of more than $1 billion need to declare a reduction of 50%. This testing will be reapplied at the end of September and again in early January.
Employers will need to prove this reduction in all previous quarters. For example, businesses applying for the payment for the first three months of 2021 will need to prove they experienced the decline in the June, September and December quarters.
If you have any questions or need assistance, please contact our customer service team.