An additional 6 months has been added to The JobKeeper Payments, extending the deadline to March 2021. Businesses and Not for Profit organisations who continue to be disrupted by COVID-19 will receive this targeted support.
Key Points You Need to Know:
The payment will reduce after 28 September 2020 to $1,200 per fortnight from $1,500 per fortnight.
The payment will be further reduced after 4 January 2021 to $1,000 per fortnight.
Payments for part-time and casual employees working less then 20 hours will be reduced to $750 per fortnight and $650 per fortnight after 4 January 2021.
From the 28th of September 2020, the demonstration of a decline in profit will need to be proven by using actual GST turnover as opposed to projected GST turnover. This also applies to the reassessment of eligibility in the June & September 2020 quarters.
The business turnover will also be reassessed for the December 2020 quarter, to remain eligible after 4 January 2021.
The eligibility rules for employees remain unchanged
Failing to be eligible for the future payments, does not affect your eligibility for prior claims to the 28th of September 2020
The following eligibility requirements apply under the extension to businesses and not-for-profit organisations who can demonstrate an experience of decline in turnover of:
50% for those with an aggregated turnover of more than $1 billion;
30% for those with an aggregated turnover of $1 billion or less; or
15% for Australian Charities and Not for Profits Commission-registered charities (excluding schools and universities)
In specific circumstances where it is not appropriate to compare the 2020 actual quarterly turnover to the 2019 quarter, The Commissioner of Taxation will have discretion to assign Alternative Tests to establish an organisation's eligibility. For more information on Alternative Tests, please see the below link:
To find out more about the JobKeeper extension, please do not hesitate to
contact our office.