Australian employers and employees have now been thrown an astonishing 3rd stimulus package, promising to deliver $130 billion dollars to cope with the economic effect of COVID-19.
The centrepiece will be a flat $1,500 a fortnight that is to be delivered to six million workers over the next 6 months to help prevent mass job loss.
Badged the ‘JobKeeper’ payment (as opposed to the ‘JobSeeker’ payment), it will be available to full time, part time, sole trader and casual workers (casuals who have been with their employer for one year or more).
Eligible Employers (in brief):
- Employers with an annual turnover of less than $1 billion that have experienced a 30% downturn in revenue since March 1 will be eligible
- Employers with an annual turnover of more than $1 billion that have experienced a 50% downturn in a comparable period a year ago (of at least 1 month) will be eligible
- A person cannot receive both the JobSeeker and JobKeeper payments at the same time.
Eligible Employees (in brief):
- Employees currently employed by an eligible employer (including those stood down or re-hired)
- Employed by the employer at 1 March 2020
- Are at least 16 years of age
- Are not in receipt of a JobKeeper Payment from another employer
- Are an Australian citizen, the holder of a permanent visa, or hold a special visa as detailed in the link below.
The subsidy will be paid directly to the employers from May who are then legally obligated to pass it onto workers in full. It will also be backdated to include anyone who has been stood down due to coronavirus.
For more information download the JobKeeper Payment Fact Sheet from the government here. To register your initial interest for the JobKeeper Payment visit ato.gov.au/job-keeper-payment
For any more information in relation to how this may affect you, please contact your local ITP Qld Business Consultant or alternatively, reach out today on itpqld.com and start a personal ‘live chat’.