The current JobKeeper scheme remains in place, as originally advised, until 27 September 2020.
JobKeeper 2.0 will commence on 28 September 2020 and will continue until 28 March 2021. Businesses will need to reassess their eligibility to JobKeeper 2.0.
The JobKeeper Payment will continue to remain open to new recipients, provided they meet the existing eligibility requirements and the additional turnover tests during the extension period.
December 2020 quarter payments - JobKeeper 2.0
Eligibility
- a decline in their turnover of 30% or more for the June 2020 quarter (compared to June 2019 quarter); AND
- a decline in their turnover of 30% or more for the September 2020 quarter (compared to September 2019 quarter).
The decline in turnover is calculated by reference to the actual GST turnover for the relevant quarters.
Fortnightly payment rate
If your business meets the eligibility criteria for the December 2020 quarterly payments, the payment rates are as follows:
- $1,200 per fortnight for employees that worked (on average) 20 hours or more per week in February 2020 (or business participants who were actively engaged in the business for 20 hours or more per week);
- $750 per fortnight for employees that worked (on average) less than 20 hours per week in February 2020 (or business participants who were actively engaged in the business for less than 20 hours per week).
March 2021 quarter payments - JobKeeper 2.0
Eligibility
- a decline in their turnover of 30% or more for the June 2020 quarter (compared to June 2019 quarter); AND
- a decline in their turnover of 30% or more for the September 2020 quarter (compared to September 2019 quarter); AND
- a decline in their turnover of 30% or more for the December 2020 quarter (compared to December 2019 quarter).
Fortnightly payment rate
If your business meets the eligibility criteria for the March 2021 quarterly payments, the payment rates are as follows:
- $1,000 per fortnight for employees that worked (on average) 20 hours or more per week in February 2020 (or business participants who were actively engaged in the business for 20 hours or more per week);
- $650 per fortnight for employees that worked (on average) less than 20 hours per week in February 2020 (or business participants who were actively engaged in the business for less than 20 hours per week).
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent.
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.