Covid-19 update on JobKeeper Scheme and the Coronavirus Supplement

The Australian Federal Government is extending the JobKeeper and JobSeeker schemes in support to businesses and individuals significantly impacted by Covid-19.

JobKeeper Extension

The JobKeeper payment has been extended until 28^th March 2021. From 28^th September 2020, eligibility for the JobKeeper Payment will be based on actual turnover in the relevant periods and the payment will be reduced and paid at two rates.

Business Eligibility

From 28^th September 2020, businesses seeking to claim JobKeeper payments will be required to reassess their eligibility and have to meet a further decline in turnover test for each of the two periods of extension, as well as meeting the other existing eligibility requirements for the JobKeeper payment.

In order to be eligible for the first JobKeeper Payment extension of 28^th September 2020 to 3^rd January 2021, businesses will need to demonstrate that their actual GST turnover has fallen by 30% in both the June quarter 2020 and the September quarter 2020 relative to comparable periods.

In order to be eligible for the second JobKeeper Payment extension period of 4^th January 2021 to 28^th March 2021, businesses will again need to demonstrate that their actual GST turnover has fallen by 30% in each of the June, September and December 2020 quarters relative to comparable periods.

Note that the 30% decline applies to those businesses with an aggregated turnover of $1 billion or less.

JobKeeper Payment Rate

From 28^th September 2020 to 3^rd January 2021 – the payment rate is $1,200 per fortnight for eligible employees who were working 20 hours or more a week in the four weeks prior to 1^st March 2020 and $750 per fortnight for eligible employees who worked less than 20 hours per week in the four weeks prior to 1^st March 2020.

From 4^th January 2021 to 28^th March 2021 – the payment rate is $1,000 per fortnight for eligible employees who were working 20 hours or more a week in the four weeks prior to 1^st March 2020 and $600 per fortnight for eligible employees who worked less than 20 hours per week in the four weeks prior to 1^st March 2020.

For further information please click here.

Coronavirus Supplement

The Government will continue to pay the Coronavirus Supplement to eligible income support recipients until 31^st December 2020. The Supplement will continue to be $550 per fortnight up to and including the reporting period 24^th September 2020 and this will reduce to $250 per fortnight from 25^th September 2020 to 31^st December 2020.

Further, the revised JobSeeker program will allow recipients to earn $300 per fortnight before facing a reduction in their Government payment.

For further information please click here.

Let Us Help

If your business has a turnover of over $1 million, ABJ Solutions is offering a complimentary 1 hour meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through these challenging times.