You will have read about potential changes to the JobKeeper scheme which ends in its current form in September 2020. However, the reason I have not written about it yet is that nothing can be legislated until parliament sits on the 24th August.
Additionally, in its current proposed form it doesn’t help the Victorians as much as it could, and given that the majority of finance ministers hail from that state, I can’t help thinking it will be tweaked yet again.
The current proposal (last changed on Aug 7th) considers employees working on the 1st July 2020 as being eligible and has the payments extended to March 2021 (albeit at reduced rates). To qualify, the turnover in the Sept 2020 quarter must be 30% down from Sept 2019 for phase 1 of the extension, and the turnover in the Dec 2020 quarter must be 30% down from Dec 2019 for phase 2 of the extension. The two quarters/phases are now considered separately.
In the meantime the current Jobkeeper continues, therefore the important things to concentrate on now are…………..
- Ensuring you pay your employees at least the Jobkeeper amount each month
- Every month log onto the ATO and confirm your turnover – deadline for July is 14th August. Keep proof of where your figures came from.
- Don’t worry if your turnover increases – you only need to trigger the conditions once to be eligible through to September.
- If you have not yet been able to claim, keep an eye on your turnover, as if your turnover drops by the required amount in any month you can become eligible at that point.
- If the ATO contacts you to confirm your eligibility don’t panic just provide them with proof.
As ever, we will be here to help and assist
Lindsay 0413 952 180