Jobs Australia is working to keep you, our Members as informed as we can with short, sharp, palatable information so you can continue to absorb the plethora of detail to digest.
As you would have seen from the Federal Government announcements last night, further stimulus packages were announced for job seekers.
Below is a snapshot of that package along with some useful links that you can refer to.
Jobkeeper Stimulus Snapshot
- Government subsidy to supplement business payroll burdens due to COVID-19 totaling $130 billion
- Giving access to significantly impacted businesses to continue
- $1,500 fortnight per eligible employee
- This will be in place for the next 6 months
- The payment will be backdated to 1st March 2020
- The payment will be paid to the eligible employer in the first week of May 2020
- $1,500 equates to close to 70% of the median wage
- Liken to the Australian government taking the load of 50% percent of the total salary bill for the next 6 months.
Eligibility of a business
- Those who have a turnover of less than $1 billion and can show that there has been a 30% reduction relative to a comparable period a year ago of at least a month
- Those who have a turnover of greater than $1 billion and can show that there has been a 50% reduction relative to a comparable period a year ago of at least a month.
Eligibility of an employee
- Are currently employed by the eligible employer this includes those who have been stood down or rehired
- Australian citizens, residents and applicable visa’s
- Full time and part-time employees
- Long-term casual employees who have had been employed regularly for longer than 12 months as at 1st March.
Accessing the payment
- Employers need to register their interest to access the scheme and provide relevant information to the ATO
- Majority of the information will be populated by ATO using their single touch payroll systems
- Eligible employees can receive current government income support payments but must notify if they are going to receive the job keeper payments
- Those who are self-employed may also apply
- If an eligible employee has multiple employers only one can claim the payments and that is generally the one that the employee is claiming the tax-free threshold from.
Payment of wages to eligible employees
- Employees who ordinarily receive $1,500 or more in income per fortnight before tax, they will continue to receive their regular income according to their workplace arrangements
- Employees who ordinarily receives less than $1,500 in income per fortnight before tax, the employer must pay them at a minimum of $1,500
- If an employee is stood down they must pay them at a minimum of $1,500 per fortnight
- If an employee was employed on 1 March 2020, subsequently ceased employment with their employer, and then has been re-engaged by the same eligible employer, the employee will receive, at a minimum, $1,500 per fortnight, before tax
- Employers will receive this in the first week in May and will operate in arrears.
As always- stay healthy
Chief Executive Officer
This information is general in nature to offer assistance to Jobs Australia Members and is correct to the best of our knowledge at time of release. Seeking your own legal and financial assistance, is advised.