On Monday 30th March 2020, the Prime Minister and Treasurer announced a new program, the JobKeeper Payment, to support businesses that have been adversely affected by the COVID-19 pandemic.
This $130 billion job support plan, comes on the back of two previous economic packages worth almost $70 billion, and is designed to help businesses keep Australians in jobs.
The key points of the JobKeeper Payment include:
If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees.
The Government will pay employers $1500 per fortnight per employee to subsidise wage costs if the employer can demonstrate their business has suffered a reduction in turnover by at least 30 per cent (50 per cent if annual turnover is greater than $100 million).
The first payments will be made in the first week of May for the period commencing 1 March 2020. Payments will be made by the ATO based on Single-Touch Payroll Reporting data, in arrears for the previous month.
The payment will capture full-time, part-time, and casual employees who have been employed for at least 12 months.
Eligible businesses include companies, partnerships, trusts and sole traders, not-for-profits, and charities.
Employers can register their interest to apply for the payment on the ATO website: